More Housing News...

More depressing housing news came out today that home prices in the nation's largest markets dropped 18% in October from the prior year. The S&P Case Shiller index tracks homes prices in the nation's 20 largest metropolitan areas, and every market experienced a year-over-year price decrease. Phoenix (-32.7%), Las Vegas (-31.7%), San Francisco (-31%) and Miami (-29%) had the largest declines, while Boston (-6%), Denver (-5.2%), Charlotte (-4.4%) and Dallas (-3%) had the smallest.

These sellers probably paid around 6% in real estate commissions to get their home sold, meaning that these folks actually lost 24%. For a typical seller in San Francisco, where the median home price in 2007 was $805,000, he/she would have lost more than $280,000 in just one year ($250K in lost home value and $33K in real estate commissions)!

Having a home lose its value is obviously a tough thing for any home owner to stomach, but sellers really need to think how wise it is to lose another 5-6% in the form of a real estate commission. Especially when studies from Northwestern and Stanford universities each found that "for sale by owner" sellers are as effective as agents in maximizing the sales price of their home.

Here's what some of ForSaleByOwner.com customers recently told us when they sold their home themselves:

"I did with forsalebyowner.com in one month what an real estate contract didn't do in six months...I sold my house for the asking price!!!!" - Lia in Carlisle, PA (sold home Dec. 21, 2008)

"I feel fortunate to have sold the property in such a tough economy. Not having to pay a real estate commission helpped me sell it for a lower price." - Dan in Roscoe, IL (sold home Dec. 15, 2008)

"We sold our house through your advertising only and no real estate agent was needed. Thank you for this service!!!" - Steven and Vicki in Vinalhaven, ME (sold home Dec. 15, 2008)

http://www.forsalebyowner.com