Is Selling Your Home FSBO in the Pekin Real Estate Market The Best Option ?
FS BO sales declined to 10 percent of sales transactions in 2011, down from 14 percent of sales in 2003. Forty percent of FS BO sales occur when the seller knows the buyer, since a real estate agent is not usually needed in those types of transactions. Use of real estate agents to sell homes rose to 87 percent in 2011 from 82 percent in 2004. Small towns and resort areas tend to have the highest rates of FS BO sales, with only seven percent of suburban area transactions being FS BOs.
FS BO seller demographics are similar to agent-assisted sellers, especially in age and household composition. However, FS BO sellers typically have lower median incomes than agent-assisted sellers. FS BO sellers who knew the buyer are more likely than all other sellers to be single sellers, especially single males.
Among all homes sold, 81 percent are detached singlefamily homes. FS BO sales are less likely than other selling methods to involve a detached single-family home and more likely than other methods to be for a mobile or manufactured home. Fourteen percent of all FS BO sales are mobile homes. Among agent-assisted sales, 83 percent of all homes sold are detached single-family homes and just 2 percent are mobile or manufactured homes.
The majority (52 percent) of agent-assisted sales occurred in suburban areas. A smaller share (39 percent) of FS BOs were located in suburban areas. FS BO sales are more likely than agent-assisted sales to happen in central cities or rural areas. FS BOs typically have a lower median selling price, though FS BOs typically received 98 percent of their asking price, whereas agent-assisted sales typically received 95 percent of their asking price. Some of the explanation for this is that when looking at FS BO sales where the seller knew the buyer, over half of the time the sales price was equal to or more than the asking price. Sellers who started as a FS BO, then ended up using an agent, sold for the lowest price and reduced their price the most of all selling methods.
If you have tried the FSBO approach to selling your home and are ready to seek the assistance of a real estate professional in the Pekin Real Estate market, Brad Barnard, REALTOR®/Managing Broker with Kaebel REALTOR® offers a COMPLIMENTARY Consultation to explain the benefits of utilizing the latest in cutting edge technology to get your home in front of thousands of buyers.
Brad may be reached directly via mobile or text to 309-241-0313. You may also complete the form below or visit us at www.livinginpekin.com.