Prior to the internet, homes listed in the mls were accessed through a Realtor who had the book of listed homes for sale. If you wanted to drive around a neighborhood and call on all of the For Sale signs posted you could. But a sign wasn’t always in front yard, and most condo’s don’t allow For Sale signs. A Realtor was the gatekeeper for the listings. Until the internet, now that the mls is online on multiple sites a buyer or seller may question the need for a Realtor.
Understandably, buying or selling a home can seem like a simple process. However, the statistics show that use of a Realtor to buy a home is actually increasing. We have a video below from a recent client sharing her experience buying a home in Venice Beach. Also, we have information on selling a home without a Realtor. You will be shocked to read how seller’s might save on commission, but in the big picture are leaving even more money on the table.
Buying A Home
See what one of our home buying clients, Laura Roeder, has to say about her experience buying in Venice Beach.
According to the National Association of Realtors,
- 87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
- Buyers who definitely would use same agent again: 72%
Selling A Home
The Field Guide for Real Estate Statistics is published every year by the National Association of Realtors. For this blog, we will look at For Sale By Owner (FSBO) Statistics. Only 8% of homeowners choose to list their home without a Realtor. When we talk to FSBO’s, they usually are listing on their own to save on commission. The interesting statistic, is the average FSBO leaves $39,000 on the table by not using a Realtor. That’s 16%
- Nationwide: 8% of homes sold did not use a Realtor.
- The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales.
- FSBO methods used to market home:
- Yard sign: 42%
- Friends, relatives, or neighbors: 32%
- Online classified advertisements: 14%
- Open house: 14%
- For-sale-by-owner websites: 15%
- Social networking websites (e.g. Facebook, Twitter, etc.): 15%
- Multiple Listing Service (MLS) website: 10%
- Print newspaper advertisement: 3%
- Direct mail (flyers, postcards, etc.): 3%
- Video: 2%
- Other: 1%
- None: Did not actively market home: 25%
- Most difficult tasks for FSBO sellers:
- Understanding and performing paperwork: 12%
- Getting the right price: 6%
- Preparing/fixing up home for sale: 6%
- Selling within the planned length of time: 18%
- Having enough time to devote to all aspects of the sale: 6%