http://gbrprelistingappraisals.com/ – Is The Greater Baton Rouge FSBO Market In Decline?
There’s a new study out by the National Association of Realtors that states FSBOs are in decline. The study was sponsored by the same organization that is opposed to the FSBO market, so read with an open mind. This home appraiser isn’t agreeing or disagreeing with the findings, just informing the public that this study has been released. I do know that the local www.fsbobr.com site has been vibrant for years now and a good service to our local market. While I don’t know what the local percentage of sellers electing FSBO is, it seems to have been “rising”, not “declining” based on the number of FSBO Purchase Agreements I see across my desk and my conversation with 2 local agents.
The NAR FSBO Study can be found here in pdf format. This appraiser has followed the NAR Copyright Policy in providing this information to the public.
From Lawrence Yun, NAR Chief Economist:
“FSBO homes sell for $36,000 less than agent assisted sales and FSBO market share has been tumbling. The desperate FSBO sales are now listed with deep discounts, which draw some bargain hunters. Because FSBOs often start out at a very low price, they do little to negotiate down from the already low “listed” price.
I expect the next survey will show similar conditions and even a further fall in FSBO market share. Short-sales and foreclosures are rising in the MLSs and these sales by nature would not be FSBOs. The few remaining FSBOs will be deeply discounting to attract buyers.
My staff has written an article about the falling FSBO market share and the much lower price attainment in relation to agent assisted homes. It is now available at: the link below: http://www.realtor.org/research/commentary_falling_fsbo“
