Last week we posted a list of important facts from the 2013 National Association of Realtors report to help you understand home buyers, now we we’d like to give you some insight into home sellers and for sale by owners (FSBOs). Below are a few of the highlights from the report:
- The typical home seller is 53 years old with an income of $97,500.
- The typical home was on the market for 5 weeks, down from 11 weeks in 2012.
- 13% of sellers wanted to sell their homes earlier but were stalled because their home had been worth less than their mortgage.
- 9 years was how long the typical seller lived in their home.
- 88% of sellers used a real estate agent to assist them with selling their home.
- 9% of sellers sold their home without the assistance of a real estate agent.
- 46% of sellers stated that the primary reason they choose to sell their home without assistance is because they did not want to pay a fee or commission.
- Approximately one-third of FSBO sellers did not take any action to market their home and 64% did not offer any incentives to attract buyers.
- Getting the right price, preparing or fixing up the home for sale, and understanding and completing paperwork were reported as the most difficult tasks FSBOs encountered when selling their home.