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Selling your Home By Owner?

In today's do-it-yourself society it's not surprising that many homeowners decide to sell by owner.

Most sellers just want to save money while others just want to be able to say "I did it myself." The truth is most people just don't know what's involved. At first, the process appears quite simple, you may find it to be both time-consuming and frustrating. Whether or not you decide to sell by owner, we would like to offer you some help.

Now you may be wondering "why would you do that?" Well, it's quite simple: We'll help guide you through the process and only ask in return that if you do decide to list your home with an agent, you reach out to us. Use our analysis page for pricing and feel free to reach out to us if you have a question or two. We've also listed some statistics for you below on selling by owner.

Statistics When Selling By Owner

The information below is from the 2018 National Association of REALTORS® Profile of Home Buyers and Sellers. Did you know that in 2018 only 8% of home sales were by the owner and that the typical By Owner home sells for $217,900, compared to $295,000 for agent-assisted home sales? Below are some additional statistics:

For-Sale-by-Owner (FSBO) most commonly used methods to market home:

  • Yard Sign . . . 25%
  • Third party aggregator . . . 22%
  • Friends/neighbors . . . 22%
  • Social Media . . . 14%
  • Open house . . . 11%
  • Online classified ads . . . 5%
  • FSBO websites. . . 5%
  • MLS database . . . 6%
  • None—No active marketing . . . 46%

Most Difficult Tasks for FSBO Sellers

  • Getting the right price . . . 9%
  • Understanding paperwork . . . 10%
  • Preparing/fixing home for sale . . . 12%
  • Selling within the planned length of time . . . 6%
  • Attracting potential buyers . . . 4%
  • Having enough time to devote to all aspects of the sale . . . 5%

Keep in mind your "For Sale by Owner"  sign may attract buyers that are under contract with an agent. Be sure to read about Agency Disclosure, otherwise, you could be disclosing information that may work against you. For information about what to look for in an agent, or to verify a Michigan real estate license, visit our Choosing a Real Estate Agent

Source: 2020 National Association of REALTORS® Profile of Home Buyers and Sellers

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