The National Association of Realtors has found that the typical FSBO (For Sale By Owner) home sold for $210,000 compared to $249,000 for agent-assisted home sales. Before we get into anything else, that right there shows you that on average by not using a real estate agent, you are getting $39,000 less for your house than you could be. But now you’re thinking what about that six percent commission I had to pay, in a moment we will get into that.
Let’s say instead of selling your house by yourself, you used a real estate agent. Now your house sold for $249,000 rather than $210,000. Your thinking, yea I sold my house for $249,000 but I had to pay six percent of that in real estate fees! Six percent of $249,000 is $14,940. So you take that $249,000 and minus your real estate fees, that means your house just sold for $234,060 instead of $210,000 just because you used a real estate agent. That means you made $24,000 just for using an agent. The best thing about this is that to make that $24,000, all you had to do was sign some paperwork. Your real estate agent does everything else for you. They market your house, fill out the paperwork to make sure it is done correctly, they checked on your buyer to make sure that they were qualified and not wasting your time, as well as helping you set the appropriate price to get the most money out of your house in the quickest amount of time. If you’re thinking about selling your house by yourself, just consider the fact that by signing some paperwork you will be making $24,000 more dollars, as well as having a quicker and smoother transaction. That is just pure statistics. Also just an FYI, the average house in the Charleston area in September sold for a median price of $243,457, so the “sample” numbers I used are as relevant as they could possibly be for our market.
Written by: Robert Judy