{"id":2323,"date":"2018-05-24T10:00:58","date_gmt":"2018-05-24T10:00:58","guid":{"rendered":"https:\/\/thezakariagroup.com\/selling-your-house-on-your-own-could-cost-you\/"},"modified":"2018-05-24T10:00:58","modified_gmt":"2018-05-24T10:00:58","slug":"selling-your-house-on-your-own-could-cost-you","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/selling-your-house-on-your-own-could-cost-you\/","title":{"rendered":"Selling Your House on Your Own Could Cost You"},"content":{"rendered":"<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"648\" height=\"354\" src=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/05\/21141046\/20180524-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Selling Your House on Your Own Could Cost You | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" srcset=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/05\/21141046\/20180524-Share-STM.jpg 750w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/05\/21141046\/20180524-Share-STM-549x300.jpg 549w\" sizes=\"(max-width: 648px) 100vw, 648px\"><\/p>\n<p>In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a <strong>For Sale by Owner<\/strong> (FSBO). They rationalize that they don\u2019t need a real estate agent and believe that they can save the fee for the <a href=\"https:\/\/www.simplifyingthemarket.com\/2018\/02\/19\/top-5-reasons-to-hire-a-real-estate-professional-when-buying-or-selling\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">services a real estate agent offers<\/a>.<span id=\"more-37574\"><\/span><\/p>\n<p>However, a <a href=\"http:\/\/collateralanalytics.com\/wp-content\/uploads\/2017\/08\/CA-RESEARCH-Saving-Real-Estate-Commissions-at-Any-Price.pdf\">study<\/a> by <em>Collateral Analytics<\/em> reveals that FSBOs don\u2019t actually save anything, and in some cases may be costing themselves more, by not listing with an agent.<\/p>\n<p>In the study, they analyzed home sales in a variety of markets. The data showed that:<\/p>\n<blockquote>\n<p><em>\u201cFSBOs tend to sell for lower prices than comparable home sales, and in many cases <strong>below the average differential represented by the prevailing commission rate<\/strong>.\u201d <\/em>(emphasis added)<\/p>\n<\/blockquote>\n<h4><strong>Why would FSBOs net<em> less<\/em> money than if they had used an agent?<\/strong><\/h4>\n<p>The study makes several suggestions:<\/p>\n<ul>\n<li><em>\u201cThere could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids with the logic that the seller is \u201csaving\u201d a traditional commission. Such buyers might specifically search for and target sellers who are not getting representational assistance from agents.\u201d <\/em>In other words, \u2018bargain lookers\u2019 might shop FSBOs more often.<\/li>\n<li><em>\u201cExperienced agents are experts at \u2018staging\u2019 homes for sale\u201d<\/em> which could bring more money for the home.<\/li>\n<li><em>\u201cProperties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.\u201d<\/em> If more buyers see a home, the greater the chances are that there could be a bidding war for the property.<\/li>\n<\/ul>\n<h4><strong>Conclusions from the study:<\/strong><\/h4>\n<ol>\n<li>FSBOs achieve prices significantly lower than those from similar properties sold by Realtors using the MLS.<\/li>\n<li>The data suggests the average price was near <strong>6% lower<\/strong> <strong>for FSBO sales<\/strong> of similar properties.<\/li>\n<\/ol>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>As <em>Dave Ramsey<\/em>, America\u2019s trusted voice on money, <a href=\"https:\/\/www.daveramsey.com\/askdave\/posts\/realtor_vs_for_sale_by_owner\">explains<\/a>:<\/p>\n<blockquote>\n<p><em>\u201cResearch has shown that, between mistakes, lack of negotiating skills, pricing errors and general exposure on the market, you\u2019ll cost yourself more than the real estate commission\u2026You\u2019ll come out slightly better and with a lot less hassle if you use a top-shelf agent.\u201d<\/em><\/p>\n<\/blockquote>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a For Sale by Owner (FSBO). They rationalize that they don\u2019t need a real estate agent and believe that they can save the fee for the services a real estate agent offers. However, a [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[100,106],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Selling Your House on Your Own Could Cost You - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/selling-your-house-on-your-own-could-cost-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Selling Your House on Your Own Could Cost You - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a For Sale by Owner (FSBO). 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