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For sale by owners: Is it
really worth all the hassle?
For-sale-by-owner residential transactions are less than 15% of all home
listings nationwide. According to a 1997 survey of homebuyers and sellers
conducted by the National Association of REALTORS®,
68% of respondents sold their homes through a real estate professional. Of that
percentage, 8% tried unsuccessfully to sell on their own. Only 13% of
respondents sold their own homes.
Further, the research shows that 50% of those homeowners who did successfully
sell their homes without a real estate professional's help vowed never to do it
again, because of the complexities and hassles associated with the transaction.
Among the major problems cited:
Holding open houses
Arranging for appraisals and inspections
Understanding and filing paperwork
Helping buyers obtain financing
Having time to do it all
True, some homeowners may be able to save commission costs by selling on
their own or using discount firms. However, people who try to sell their own
homes deny themselves the benefit of a real estate professional who is trained
to sell real estate on the terms most advantageous to their clients. An
experienced REALTOR® can provide up-to-date
reports, and has a clear understanding of local housing market and financing
options. Brokers can provide more exposure, via multiple listing services, than
most homeowners can obtain on their own.
In the vast majority of cases, it takes less time (and earns the homeowner
more profit) to use a licensed real estate professional when selling a home.
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This copyrighted information is provided courtesy of the
Stewart Title Guaranty Company.