As some who closely follow the real estate industry might know, each year the National Association of Realtors (the trade group representing real estate agents & brokers) issue a 100+ page research report entitled, “Profile of Home Buyers & Sellers.”
The report is based off a survey sent to some 133,000 consumers who purchased a home in the prior 12 month period. As the name suggests, it includes data on the habits and experiences of those who sell and buy a home.
Tucked into this 100+ page report was research that found that people who sell their homes "for sale by owner" actually sell them quicker and for closer to asking price than agent-assisted sellers! Again, this data comes from National Association of Realtors... the same organization whose marketing materials scream that people need a real estate agent to sell their home. (click on above images for the actual data)
They didn't publicize this part of their research, so we're doing it for them. We issued a press release this morning on the subject, in hopes that the media will report these interesting research findings.
In today’s troubled housing market, people need to be armed with all relevant housing data so they can make an informed decision of how to effectively sell their home. So, if you want to sell your house quickly and for close to asking price, you might want to listen to Realtors and choose to list your home with a FSBO company like ForSaleByOwner.com.
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12 comments:
I am attaching a copy of the full report from NAR, much of this information was taken out of context. Don't you feel you owe it to the public to give them all the information. Realtors abide to a strict code of ethics to protect consumers, which means we give all the information. Since you are in the business of helping consumers sell homes don't you feel you should subscribe to a similar code of ethics?
Here is the link to the entire report: http://tinyurl.com/NARReport
Hey Michelle,
That's actually not a link to the full report. The 2008 Buyers and Sellers Survey runs about 50 or so pages.
I've spoken with NAR on this issue and they say ForSaleByOwner.com's claims and assertions are not true.
I ordered a complete copy of the report from NAR and will be sure and post if I find anything to substantiate their allegations.
In the meantime I would challenge the nice folks at ForSaleByOwner.com to publish verbatim the entire part of the study you say you got your results from.
Jim and Michelle,
We did put pages 100-101 of the NAR report (which pertains to the cited FSBO data) on this very blog. Click on those images and you'll see it.
I applaud ForSalebyOwner.com for bringing this information to the forefront. While the Real Estate Industry seems to be trying to put its own "spin" on the NAR report, it is tough to dispute similar findings by independent institutions such as Consumer Reports, Northwestern University and Penn State.
You can spin any number/statistic any way you want to - NAR, this blog, whomever. I could come back at you and say,
"Oh yeah...well nice how you failed to mention that the average sales price of a FSBO is $150K while the average sales price of a home sold by an agent is $210K. I'd rather take 10 weeks and 96% of $211K than 6 weeks and 97% of $150K and I'm sure most would too."
But it's just spin and everyone is doing it - NAR, FSBO's, the media, etc.
This whole "FSBO vs REALTOR" battle is getting old - just do it whatever way you want to. You don't have to use me nor any other RE agent if you don't want to. It's a personal choice and yours to make.
I don't hold it against anyone who doesn't use an RE agent so don't hold it against me for having NAR around (we have little choice whether we like what NAR is doing or not).
That post about FSBO's getting 97% of asking and Realtors getting 96% is misleading. FSBO's often underpricing their homes, partly because of lack of knowledge of the market. So if a fsbo lists their home for $200,000 and gets 97% of asking and an agent lists if for $220,000 and gets 96%, which option is better for the seller even after paying a commission?
March saw that house prices increased for the first time since October 2007, however some are cautioning that investors should not be expect an immediate change in the market as lenders will be increasingly more cautious going forward. http://www.telegraph.co.uk/finance/personalfinance/investing/5119055/House-prices-Is-it-time-to-go-back-into-property.html
Thanks for sharing information.Some of the realtors asking low commission to buy and sell things. Realtors help investors and consumers get great deals on Real Estate.Realtors help to save you considerable time and money of consumers.
Lasvegasrelocation - Las Vegas Realtors, Las Vegas Real Estate, Las Vegas Foreclosures
Realtors have to know about what peoples are thinking about their property. To escape from recession real estate investors must know all the tools and secrets that are used in real estate business.
Commercial Real Estate Investors Blueprint
Selling your home through FSBO or real estate agent has few advantages and disadvantages. so its up to the people to decide which is better for them. I am running two sites one is related to FSBO and other is real estate website. These days i am getting much profit through FSBO site.
I'll take note of that for my future transactions
Scott@Financially Free Landlord
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