what is the average time to sell ones house by owner FSBO?

Asked by Srvaughn, 14224 Thu Mar 18, 2010

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12
Bill Eckler, Agent, Venice, FL
Thu Mar 18, 2010
Because most FSBO initiatives are independent activities, it is doubtful that any accurate information of the time table exists for these transactions.

In view of the fact that staunch competition exists in the form of short sales and foreclosures the "degree of difficulty" has increased greatly for selling property FSBO over the past few years. Since most buyers percieve the best opportunities as being in the short sale and foreclosure markets this trend leaves FSBO's in a distant position as opportunities to save.

Unless you can be competitive with the "distressed market" prices, you might want to consider other options.

Best wishes,

Bill
2 votes
Wrong!! Price your house right.. and you will save thousands don't be a sucker and pay a realtor for something so easy.. I have sold 3 on my own and with money I have saved I bought a boat
Flag Thu Apr 27, 2017
@maillady9998 Because Realtors hold a much higher share of the buyers market. Just the facts. The market is what it is.
Flag Sun Feb 26, 2017
Why should distressed market prices not also be a problem for realtor's listings? I think you are too biased to answer truthfully.
Flag Mon Nov 17, 2014
Dan Chase, Home Buyer, Texas City, TX
Thu Mar 18, 2010
It all depends on how you market your house and what your local conditions are like. If you just stick a sign in the front yard it could be a very long time. If you do a lot more it could be not that long.

Below is a very good blog about selling FSBO. Many have said it is highly recommended. I hope it helps.
http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_…
1 vote
That link is bad.
Flag Sun Feb 15, 2015
Karen and Pa…, Agent, Cameron Park, CA
Tue Feb 17, 2015
There isn't a time line for FSBO or listed by a realtor you can count on. In general, you are at a disadvantage as a FSBO seller. But I also will say a lot of agents are at a disadvantage compared to my team when listing a home for sale. We do a lot more than other agents in marketing, spend a lot more money advertising in the proper places and have the latest and greatest tools to sell homes. That doesn't always equal a quick sale either. Market conditions, area for sale and most importantly the price can affect how fast a house can sell. We get the most exposure as possible to get your home seen by as many potential buyers as we can. Plenty of people will argue with me here and they may have the same marketing skills as me and not have any problems getting their FSBO sold. It's all about knowing what to do and how to do it. Do you have the time to sell your own home? The patients to deal with buyers and the paperwork? The negotiating skills to get the most money for your home as possible. Will you be able to be there during working hours let a person in to see your home. Every time a buyer can't get in to see your home is another day without an offer and another day on the calendar increasing the average days on the market. There are a lot of lawsuits and paperwork involved in buying a home in California so most buyers don't want to deal with a Seller directly when buying a home so there are less people looking for FSBO in my area. Your area may be a lot different. If you are advertising on the MLS be competitive with your buying commission rate. Low balling a commission will get you ignored by an agent with a buyer increasing your days on the market.

Just all things to think of and keep in mind all areas are different. There are fees and expenses selling a home and it just all part of the process FSBO or not.
0 votes
Craig McClus…, Home Buyer, Goshen, IN
Sun Feb 15, 2015
It varies considerably depending upon where you are.

I have had my home FSBO in Los Alamos, NM. I listed it on zillow.com 274 days ago, but didn't put much effort into selling it because we hadn't finished painting and completing the improving of the inside. In addition, we had a number of issues that precluded our leaving the area at that time.

I got serious about selling it last August when I hand painted two nice for sale signs and put one in front of our home and one on the corner down the block on the main street into our area of town. I had a number of people who looked at our home because of those signs. I also ran an ad in our local newspaper. I had some calls from that, including one where the fellow asked me to call him, but never gave his name or his phone number (kind of hard to return a call without that).

I did get two offers that would use real estate agents due to my signs out in front, but turned both of them down because the buyers were obnoxious. (One buyer even wanted to change our home on a slab from forced-air heating to hydronic!)

I went to owners.com and paid $500 to have my home listed on the local MLS and on Trulia, among other places. (Trulia is exclusively realtor-centric and won't accept FSBO listings directly from home owners), but got a contract before I could complete all the paperwork.

The buyer with whom I have the contract looked at the house on 31 January, came over to make an offer on 1 February, and he and I went to our local title company on 2 February, drew up a contract and signed it that day.

So I now have a contract on it from a buyer who did not use an agent but saw my signs. This contract will provide $25,000 more to me at closing than the other offers I received. My wife and I are very grateful!
0 votes
The Maxian C…, Agent, Williamsville, NY
Sun Sep 12, 2010
I'm sure that number varies greatly, and I don't know that there is any reliable number to give you. What I can tell you is that according to the National Association of Realtors, over 80% of people who first try to sell their homes themselves end up turning to a Realtor to sell it. That would suggest that if you are looking for a quick sale, contacting a local Realtor would be your best option.
0 votes
Tim Tilbury, Agent, Seattle, WA
Thu Sep 9, 2010
Srvaughn

Consider the fact that sellers who have interviewed and hired agents, brokers and Realtors are still facing stiff competition in today's market. In the Greater Seattle area, we've seen close to a 22% drop in
0 votes
Kim Vitale, Agent, Blue Point, NY
Thu Sep 9, 2010
I do not know the average for the ones that are lucky enough to sell....but what I do know is, a very large percentage do not, and inevitably end up contacting and hiring a Real Estate Agent to market and sell their home. I am not just telling you this because I am angent. Our profession requires us to know how to market and sell your property, and that is not where it ends. Selling a home is VERY time consuming and very costly if you are paying for advertising especially to pay for it and have it not sell. I work with Century 21, and we are provided with the tools and many outlets to market a property that are not available to you. Hire an agent, and take your time in doing it. Get to know them and feel comfortable. Ask them about their sales and marketing plans and strategies. Best of luck!!!!
0 votes
rdToledo, , Buffalo, NY
Sun Aug 8, 2010
some parts of western ny are dead or moving slow...
0 votes
Michelle & T…, , Buffalo, NY
Thu Mar 18, 2010
Dear Srvaughn:

It all depends upon the condition, location and pricing of your home. Statistics show that approximately 90% of for sale by owners will contact a licensed, professional Realtor.

We are full-time, award-winning agents and would be happy to assist you. We could run a FREE Comparative Market Analysis for you if you would like. You will see that we will EXCEED YOUR EXPECTATIONS!

Please contact us and we can discuss your needs/concerns further.

Thank you!

Sincerely,
MICHELLE & TOM STONE
"THE STONE TEAM"
Hunt Real Estate ERA
0 votes
Brian McMurr…, Agent, Tawas City, MI
Thu Mar 18, 2010
Most homes that are For Sale By Owner end up converting to For Sale By a Real Estate Firm. The best data on this shows this conversion at 80 - 90% that ultimately decide to List their property instead of continuing to try to sell on their own. Of the properties that remain For Sale By Owner I'm not aware of any system that does an effective job capturing this Sold data on a broad scale??
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Mar 18, 2010
S
Very good question. It depends.
Read the link below. The average price per square foot for sold property has declined 14.5% in the last year, over one percent per month.
The number of sales has declined 82.4% (slow market).

Just looking at these statistics, assuming they are representative of your situation, I would recommend that you list with a Realtor....and here is why:

Most owners selling without professional representation are trying to save the cost of commission. I don't know your rates, but let's guess at 7%. Most owners will pay the buyer's agent to handle both sides of the transaction, 3.5%, so they are trying to save 3.5% by selling without professional representation.

Your problems:
1. Most owners who try to sell on their own eventually list with a Realtor (over 80% according to a NAR survey).
2. While you are trying to sell on your own, your property is loosing value at the rate of 1.2% per month. That means if it takes you more than three months to sell, you'd be better off hiring a Realtor. But what if you try it for two months and no offers...that cost you (based on the median price) $1300 per month, (1.2% of $112,000), or $2600 in two months, then you hire a Realtor, it takes another month or two....that 's a lot of money to loose (unless the money doesn't matter, you just want to sell without professional representation because you want to on principle).

Good luck.
0 votes
FSBOsuccess, Home Seller, 28590
Thu Mar 18, 2010
Really depends on your price, location, how you have staged your home and how you are marketing your home. Getting on the MLS is a must. Quality pictures (no clutter, junk and neutral colors), flyers and a quality sign are also a must.
0 votes
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