How To Do A Chicago Style Footnote For A Website Real Estate 101 – Listing Agent vs FSBO

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Real Estate 101 – Listing Agent vs FSBO

The number of property owners selling their land independently of an estate agent has seen a sharp decline in recent years. In fact, it’s down six percentage points in the past decade, according to the latest numbers from the National Association of Realtors in Chicago. In early 2007, only 12 percent of all real estate transactions were for sale by owner, or FSBO.

One factor influencing the statistics may be homeowners’ frustrations with a fluctuating housing market. Landlords also have other things against them. They cannot list properties on the MLS, one of the most popular search tools for home buyers. A real estate agent is required to list the property. Real estate agents may also have more connections and more techniques, experience and training that could lead to higher offers.

Homeowners, on the other hand, will learn more about factors such as the specific strengths and weaknesses of the home, neighbors, and schools. However, they may avoid putting a high price on their home and may agree to come down too quickly. From mid-2005 to mid-2006, five percent of real estate transactions were closed by real estate agents who took over a failed FSBO. Only one percent of transactions in the same time period were sellers who started with realtor representation and then switched to FSBO, according to the NAR.

FSBO transactions, especially when handled by first-time sellers, have been said to take longer, sell for less, cause more headaches and increase confusion. So why would sellers want to try it? The average real estate commission is about six percent, and many homeowners see FSBOs as a way to pocket more money. In reality, however, NAR statistics show that homes in general are 16 percent higher when sold by real estate agents.

For sellers absolutely determined to go it alone, there are a few key points to remember. There are a few internet sites available now that look very professional and offer FSBOs an alternative to the dodgy MLS listings. Lots of high quality photos are crucial with any marketing, and internet marketing is undoubtedly one of the most effective methods. Many of these FSBO listing websites will now offer additional perks such as yard sign rentals and print advertising.

It’s important to be patient, set a fair price for your home, but also leave some room for the inevitable price haggling and be very careful to avoid unqualified buyers. This can help prevent deals from falling apart. However, to secure a deal in the first place, sellers must market their property and not shy away from offering incentives such as a decorating allowance or paying buyer’s agent fees. Among the shopping community, FSBOs are notoriously associated with great deals. Make sure you arm yourself with the tools to avoid becoming a victim of that mentality.

FSBOs also have a reputation for misleading buyers about things like the true condition of the home or the severity of the home’s problems. This is not always intentional. Many homeowners do not really know the extent of the damage and do not intend to deceive. This is where a crackerjack home inspector can come in handy. A home inspection can not only help justify the price of the home, but it can also put the buyer’s mind at ease and perhaps help close the deal faster.

Another good reference tool is a local competitive market analysis. This can help ensure that a FSBO is selling for what it is really worth. The lender’s desk is the worst possible place to find out that a seller is overcharging for a home, but it happens all too often.

Real estate agents are immensely more experienced and knowledgeable in all things real estate, from sales techniques to legal matters. However, at the very least, a seller would be wise to bring in a real estate attorney to ensure the legality of the transaction. It’s also a good idea to involve a bank, as opposed to the seller alone, in the escrow management process.

FSBO transactions can be smooth if the seller has related experience. FSBOs can save money if the seller avoids going too far back on price. However, if the seller is stuck with no end in sight, it’s best to see a realtor as soon as possible. The longer a home sits unsold on the market, the worse off the seller will be. It looks bad to potential buyers and they will wonder why the house didn’t sell. In reality, it may simply be a matter of ineffective marketing on the part of the seller. Time is money, and a house sold on commission is better than a house that doesn’t sell.

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