According to the National Association of Realtors®, FSBO’s accounted for 8% of home sales in 2016 (the same for 2016 and 2017). The typical FSBO home sold for $190,000 compared to $249,000 for agent-assisted home sales.
Some methods FSBO’s used to market their home (Source: National Association Of Realtors®):
- Yard sign: 35%
- Friends, relatives, or neighbors: 24%
- Online classified advertisements: 11%
- Open house: 15%
- For-sale-by-owner websites: 8%
- Social networking websites (e.g. Facebook, Twitter, etc.): 13%
- Multiple Listing Service (MLS) website: 26%
- Print newspaper advertisement: 5%
- Direct mail (flyers, postcards, etc.): 4%
- Video: 2%
- None: Did not actively market home: 28%
Most difficult tasks for FSBO sellers:
- Getting the right price: 15%
- Understanding and performing paperwork: 12%
- Selling within the planned length of time: 13%
- Preparing/fixing up home for sale: 9%
- Having enough time to devote to all aspects of the sale: 3%
There are a few surprises on this list. For instance, the gap between what a home sold for as a FSBO compared to having a Real Estate agent market and sell the property for you.
Another one that stood out was the fact that only 13% used social media to market their listing (down from 15% in 2016). I don’t know if it was included as ‘social media’ but there are a LOT of FSBO homes listed on Craigslist®. Posting it on Facebook, LinkedIn, and even Twitter can result in it being re-posted (or liked), which in turn markets the property to everyone in their digital sphere of influence.