Comments on: Why FSBO Homes Get More Buyer Interest http://www.realestatedepartment.org/why-fsbo-homes-get-more-buyer-interest/2006/11/09/ A unique real estate blog dedicated to discussing such topics as commercial property, finance and loans, mortgage refinance, buying and selling homes, property management, condominiums, FSBO, foreclosures, leasing-renting, land, building a home and other areas in all your real estate. Thu, 08 Jan 2009 11:21:54 +0000 http://wordpress.org/?v=2.0.4 by: Priced Condominiums http://www.realestatedepartment.org/why-fsbo-homes-get-more-buyer-interest/2006/11/09/#comment-16568 Thu, 07 Feb 2008 23:40:38 +0000 http://www.realestatedepartment.org/why-fsbo-homes-get-more-buyer-interest/2006/11/09/#comment-16568 <strong>Condominiums - Sharing the City...</strong> Though condos can built anywhere, perhaps one of the most appealing things about them is that they afford people a high quality lifestyle in expensive high-density areas. Million dollar luxury condos aside, condominiums in desirable areas are typically... Condominiums - Sharing the City…

Though condos can built anywhere, perhaps one of the most appealing things about them is that they afford people a high quality lifestyle in expensive high-density areas. Million dollar luxury condos aside, condominiums in desirable areas are typically…

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]]> by: Andrian Curshen http://www.realestatedepartment.org/why-fsbo-homes-get-more-buyer-interest/2006/11/09/#comment-144 Sat, 11 Nov 2006 01:00:48 +0000 http://www.realestatedepartment.org/why-fsbo-homes-get-more-buyer-interest/2006/11/09/#comment-144 I am a Realtor licensed in the state of New Jersey. I found your comments interesting but slightly naive. In fact the FSBO market is more traumatized than other areas. With a surfeit of unsold homes on the market it is exceedingly difficult for private sellers to sell their homes. Firstly, most private sellers have inflated ideas of the value of their homes and price them way above current market value. I have much direct experience of this unfortunate situation. I know of private sellers in my area who haven't sold their home after more than 10 months on the market because they refuse to accept that prices have dropped significantly. As a result they have lost as much as 15% on the selling price of their home already plus the loss of appreciation on the funds they might have had if they had priced their home correctly in the first place. Setting the correct market price when putting a home on the market is critical to the success of the venture. No one knows better than a Realtor how to correctly determine that critical price point. Owners have intense emotional ties to their own homes and are generally not sufficiently objective enough to establish the proper price point. A Realtor has no such emotional pressures and will establish the correct market price in an objective manner by comparing a home with others in the same market area. In fact most real estate brokerage firms have programs designed especially to ensure the establishment of correct market pricing. Private sellers generally do not have the resources and expertise to sell their homes on their own, especially in such a difficult market as this, and that is a fact. Study after study reveals that over 75% of private sellers eventually give up and turn to a Realtor to sell their home simply because selling homes is what Realtors do and have the resources and expertise to do. In addition study after study reveals that homes sold through Realtors sell for more than 15% more than private sales. Therefore, even allowing for a 5% or 6% fee sellers almost always end up far better off financially when employing the services of a professional Realtor. Online sites that cater to private sellers are in it purely for the money and care little whether the homeowners sell their houses or not. They take a fee whether the home sells or not and make money from the ads on their sites too. I have never seen a FSBO site which gives a percentage of homes sold against those that haven't, no doubt because if they did no one would patronize the site anymore.. Neither do the owners/operators of the site ever meet or even speak with a seller or buyer. Realtors on the other hand are bound by a strict code of ethics dictated both by the NAR and state laws which mandates a fiduciary duty to ensure that sellers and buyers receive or pay proper market prices. They are in touch with their buyer and seller clients constantly, advising, guiding and holding their hands. I have never met a Realtor who didn't work his or her tail off to ensure that their customers gor the best possible deal in the least possible time. Selling or buying a home is a highly complex procedure, contrary to what the online sites will tell you, and it should not be entered into lightly. Serious legal matters must be dealt with by a lawyer, medical problems must be dealt with by a doctor, financial matters are best handled by a professional accountant, why should complex real estate matters not be dealt with by real estate professionals? I would bet my skills at selling real estate against any non-professional homeowner. I am a Realtor licensed in the state of New Jersey.
I found your comments interesting but slightly naive. In fact the FSBO market is more traumatized than other areas. With a surfeit of unsold homes on the market it is exceedingly difficult for private sellers to sell their homes. Firstly, most private sellers have inflated ideas of the value of their homes and price them way above current market value. I have much direct experience of this unfortunate situation. I know of private sellers in my area who haven’t sold their home after more than 10 months on the market because they refuse to accept that prices have dropped significantly. As a result they have lost as much as 15% on the selling price of their home already plus the loss of appreciation on the funds they might have had if they had priced their home correctly in the first place. Setting the correct market price when putting a home on the market is critical to the success of the venture. No one knows better than a Realtor how to correctly determine that critical price point. Owners have intense emotional ties to their own homes and are generally not sufficiently objective enough to establish the proper price point. A Realtor has no such emotional pressures and will establish the correct market price in an objective manner by comparing a home with others in the same market area. In fact most real estate brokerage firms have programs designed especially to ensure the establishment of correct market pricing. Private sellers generally do not have the resources and expertise to sell their homes on their own, especially in such a difficult market as this, and that is a fact. Study after study reveals that over 75% of private sellers eventually give up and turn to a Realtor to sell their home simply because selling homes is what Realtors do and have the resources and expertise to do. In addition study after study reveals that homes sold through Realtors sell for more than 15% more than private sales. Therefore, even allowing for a 5% or 6% fee sellers almost always end up far better off financially when employing the services of a professional Realtor. Online sites that cater to private sellers are in it purely for the money and care little whether the homeowners sell their houses or not. They take a fee whether the home sells or not and make money from the ads on their sites too. I have never seen a FSBO site which gives a percentage of homes sold against those that haven’t, no doubt because if they did no one would patronize the site anymore.. Neither do the owners/operators of the site ever meet or even speak with a seller or buyer. Realtors on the other hand are bound by a strict code of ethics dictated both by the NAR and state laws which mandates a fiduciary duty to ensure that sellers and buyers receive or pay proper market prices. They are in touch with their buyer and seller clients constantly, advising, guiding and holding their hands. I have never met a Realtor who didn’t work his or her tail off to ensure that their customers gor the best possible deal in the least possible time. Selling or buying a home is a highly complex procedure, contrary to what the online sites will tell you, and it should not be entered into lightly. Serious legal matters must be dealt with by a lawyer, medical problems must be dealt with by a doctor, financial matters are best handled by a professional accountant, why should complex real estate matters not be dealt with by real estate professionals? I would bet my skills at selling real estate against any non-professional homeowner.

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