FSBO stands for For Sale By Owner. While many sellers try this option, it rarely works. Typically while offering their houses for sale on their own, the seller’s personal marketing and holding costs add up to more than what it would have cost them to hire a real estate agent and list it on the MLS.
In addition, FSBO statistics report that over 90% of sellers who try to sell their house by themselves end up using the assistance of a realtor.
For Sale By Owner (FSBO) Statistics:
For sale by owners accounted for 8% of house sales in 2014. The typical “for sale by owner” house sold for $210,000 compared to $249,000 for agent-assisted home sales.
For Sale By Owner Methods Used To Market Houses:
- Yard sign – 42%
- Listing on Internet – 14%
- Multiple Listing Service (MLS) websites – 10%
- Social networking websites (e.g. Facebook, Twitter, etc.) – 15%
- For-sale-by-owner Website – 15%
- Friends/neighbors – 32%
- Newspaper ad – 3%
- Open house – 14%
- Direct mail – 3%
- Video – 2%
- Other – 1%
- None: Did not actively market home – 25%
Most Difficult Tasks For “For Sale By Owner Sellers:”
- Understanding and performing paperwork: 25%
- Getting the right price – 6%
- Preparing/fixing up home for sale – 6%
- Selling within the planned length of time – 18%
- Having enough time to devote to all aspects of the sale – 6%