In this current market there are a couple of reasons. The distressed sellers are busy keeping their heads above water, coping with the giant reversal of fortune in their lives, trying to keep kids in private school, food on the table, gas in the car or just figuring out "what's next?" They don't have the bandwidth to tackle buyers looking for a deal. Theh pain is just too much.
The other sellers are clear that they don't have a way to reach the market effectively. The web has taken over and thousands of searches a second are going on , on line, all over the world. The boundaries have been removed and limiting your buyer pool to a couple of FSBO signs is like a billboard in the desert. Foolhardy.
A professional smart Realtor will get you the value the market dictates and comps include the brokerage fees so you are comparing apples with apples.
Are you considering trying this trapeze act on your own? If saving every penny is the goal, you are putting yourself way more at risk of a loss by taking on a professional's job without the context or vision line to really protect yourself. Amateur carpenters lose fingers, amateur electricians get shocked, and FSBO's lose money.
I appreciate that given time and research, anyone an accomplish anything, but what is your time worth to you? I hope that helps with your question!
Sereno Group Real Estate
831 515 1101
I would use a real estate agent for a short sale, and have done so (although I felt the value added was minimal), but not for another transaction if I cold help it. I look forward to the day when internet savvy buyers and sellers don't need to pay, say, $60,000 to conduct what is actually a relatively straightforward transaction. The Nolo Press books For Sale By Owner and How to Buy a House In California are invaluable.
My pet peeve is when agents say that only the seller pays the commission, as if the price of the house doesn't reflect the commssion.
Santa Cruz, CA
Ellen Carter, REALTOR & Senior Short Sale Negotiator
Mortgage Lien Elimination Specialist - DRE # 01417614
Directions Real Estate "Pointing You in the Right Direction"
Capitola, CA 95010
(831) 345-1381 Cell (866) 446-3142 Fax
Everyone has answered with great reasons why there are few FSBOs anymore. The only thing I see as worthy to add is that, as a buyer, you don't pay for our services by the visit or by the hour like you would pay other professionals. Our fee is paid by the seller, even when we strictly represent you and your interests in the transaction. It's clear the vast majority of sellers think our fees are money well spent.
In a buyer's market, sellers need all the help they can get, especially access to the MLS from which the MLS and all the subsidiary sites like Trulia get all their information. It is also a very dangerous thing for a seller to handle his own transaction without legal help. It takes pages and pages of disclosure to ensure a safe transaction. Trying to do a for sale by owner in this market would not be practicable. Also, buyers have free access to representation by seeing a Realtor, who is likely not to show unlisted properties.
you must think that you either get a better deal from a FSBO, or,
you would trust them more, or both.
Why there aren't many;
I'm sure it's because of the high demand for FSBOs.
you can come back to us, and as Dr, Phil would say;
"Let us know how it works for you."
Molly Thompson, Broker Associate, APR