Homes for sale by owner, or FSBOs (or fizzbo in real estate slang) have slowly been growing in numbers as indicated by the growing number of listings in real estate web sites. Web traffic in this area is continuously picking up indicating a growing number of transactions involving homes for sale by owner.
With the growing number of foreclosures in crisis proportions raging across the country, families who are having trouble with their payments are making decisions in short selling their homes. To maximize the value they would get from such sales and make more money out of it, homes for sale by owners are becoming a trend.
The following are some pros and cons of homes for sale by owner as compared to traditional sales through agents.
Pros
With homes for sale by owner, sellers can drop the price of their homes to make it more attractive to buyers. They will take this out of the supposed commissions for agents which they didn’t hire. For a house selling $600,000 on the market as a FSBO, the seller can get as much as $36,000 by getting rid of the agent.
Websites that are dedicated for homes for sale by owner have made it easier for homeowners to include their homes in the listing. For a small monthly fee, sellers can have their homes listed in the realtor’s database.
The internet has also been useful in providing information on recent home sales which can be used as reference for owners in putting price tags on their homes for sale. Most families selling their homes as FSBOs find the number of calls and appointments from these listings not overwhelming.
Cons
The current slowdown in the housing market, according to real estate experts, is not the best time for FSBOs. The market has also been more competitive and having no agents will put the seller at a disadvantage. Homeowners may not be equipped in sustaining their self-marketing efforts particularly if the sale drags on for months with no prospective buyers.
Related Posts:
10 FSBO Selling Tips by Cassiano Travareli on January 19th, 2009
Putting Up Your Home for Sale by Owner? The Internet Can Be Your Best Friend by Cassiano Travareli on February 9th, 2009
Getting the Best Deals on Homes for Sale by Owner by Cassiano Travareli on December 1st, 2008
Real Estate by Owner Perspectives by Cassiano Travareli on September 18th, 2009
FBSO Guides on How to Get a Real Estate Offer to Purchase by Cassiano Travareli on February 26th, 2009
