According to the 2023 Profile of Home Buyers and Sellers, only seven percent of home sales were FSBO sales… an all-time low. And the majority of those (57%) knew the buyer of the home.
Looking deeper, there were more FSBO sales in rural areas (14%) than in urban areas where only 3% of sellers sold via FSBO.
The report showed that FSBOs typically sold for less than homes sold with the assistance of an agent… but that isn’t necessarily comparing apples to apples. There are many factors that could enter into that equation, including not only location but also size, condition, and connection to the buyer.
For all sellers, the most commonly cited reason for selling their home was moving closer to friends and family (23%). Next most common reasons were because the home was too small (13%) or a change in the family situation such as a marriage, divorce or new child (10%).
I recently met with a retired couple planning to sell their townhome and downsize to a senior rental complex. When they first called they said they were thinking about selling it themselves, but talking to some agents before making up their mind.
When we met in person at the property the sellers said they had already decided there was too much involved for them to do it themselves… said they had a newfound respect for Realtors and all we do!
It makes me think about how Realtors were afraid having listings and other information available online was going to drive us out of business, kind of like the travel agent industry. But the opposite happened… having so much information available made it more difficult to sort through everything and find clarity… making the assistance of Realtors more valuable than ever!
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
