Although still out of the mainstream in real estate transactions, FSBO transactions seem to be increasing. Zillow reports a doubling of FSBO listings between 2012 and 2014 (up to 4%), ForSaleByOwner.com seeing 24% growth in 2013, and StreetEasy reporting NYC FSBO listings increasing by nearly 30% in that same period. According to a 2016 report by the National Association of Realtors® (NAR) regarding home buyer and seller trends, Home Buyer and Seller Generational Trends Report 2016, 8% of surveyed real estate transactions between July 2014 and June 2015 were FSBO. That said, fully 92% of home sellers prefer the use of qualified representation (i.e., a Realtor®) in such a major transaction. THE TIME FACTOR OF FSBO One detriment to the seller of a FSBO transaction, and a benefit of engaging a real estate agent, is that in the process of selling your house, you’ll spend an incredible amount of time showing it to potential buyers. Unfortunately, most of them aren’t interested in buying your home. This is a waste of your time. On average, it takes three to four hours to show a home. Most owners show their home at least 8 to 10 times before making a sale. Sometimes more than 30 times! The average owner spends 24 to 40 hours showing their home. It can easily take 80 to 120 hours to complete the process. FSBO homeowners jump at the chance to show their home to anyone and everyone . When a buyer calls, they drop everything. This reactive approach is a big reason it takes them anywhere from 8 to 30 showings to find the right buyer. The process will consume your life.
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