According to the National Association of Realtors® (NAR), 7% of homes sold last year were For Sale By Owner. This ties the all-time lowest percentage recorded in 2021. Clever Real Estate recently did a survey of 1,000 sellers to find out why they chose not to have an agent. Sellers who opted to sell their home For Sale By Owner (FSBO), or to an iBuyer such as Offer Pad or Zillow reveal why they chose not to use an agent and what regrets they have after the fact. Here are the top reasons why sellers regret not using an agent to sell their house:
Less Money
Sellers who didn’t use an agent were 3 times more likely to say they lost money on their home sale. Around 50% of sellers said they wish they would have priced their home differently. Nearly half of sellers believe they would have walked away with more money if they used an agent. Sellers who did use an agent walked away with an average of over $46k more, after all expenses, than sellers who did not use an agent.
It Took Longer
Sellers who did not use an agent were twice as likely to wait over 3 months before accepting an offer. Meanwhile, sellers who did use an agent typically received an acceptable offer in less than 30 days. Ironically, many who chose not to use an agent said the primary reason was because they thought their house would sell faster without using an agent.
More Stress
Believe it or not, about 50% of sellers who didn’t use an agent reportedly cried at some point during the process. 52% of unrepresented home sellers say they felt overwhelmed by the entire process.
More Difficult Than Expected
40% of sellers without an agent had trouble understanding the contract and 36% believe they even made legal mistakes. Forgetting to make the legally required disclosures can get you sued. Incorrectly filling out even a simple fill-in-the-blanks contract can cost you dearly.
Buyers Didn’t Trust Them
43% of sellers who sold without agent said they felt buyer’s distrusted them specifically because they were selling the home themselves. This could be because buyers assume sellers had something to hide. The sellers negotiating their own sale can be difficult due to the emotions involved.
Now that you know why sellers regret not using agent, what questions do you have about selling real estate? I’d love the opportunity to discuss your options with you.
Feel free to reach me below.
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Justin Rollheiser – REALTOR®
Keller Williams Realty | Diamond Partners Inc
13671 S Mur-Len Rd | Olathe, KS 66062
Direct 913-800-7653
Office 913-322-5878
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