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For sale by owner
_b.jpg) For sale by owner (FSBO) is the process of selling real estate without the representation of a broker or agent. This is where the homeowner sells directly to a new homeowner. Homeowners may still employ the services of marketing, online listing companies, but can also market their own property. Typically, they represent themselves with the help of a lawyer or solicitor throughout the sale. As in most areas, there are detailed legal requirements pertaining to sellers and disclosures they must make.[1][2] VarietiesSome options available to the FSBO seller include:
Market shareUnited StatesIn the USA, the popularity of FSBO has been increasing since the late 1980s, with real estate website Zillow reporting a doubling of listings between 2012 and 2014 (up to 4%). ForSaleByOwner.com saw 24% growth in 2013, and StreetEasy reports that New York City FSBO listings increased by nearly 30% in that same period.[5] The record percentage of 20% of US real estate transactions (since tracking started in 1981) took place in 1987. According to a 2016 report by the National Association of Realtors (NAR) regarding home buyer and seller trends, Home Buyer and Seller Generational Trends Report 2016, 8% of surveyed real estate transactions between July 2014 and June 2015 were FSBO.[6] The NAR's 2015 report found that the median age for FSBO sellers in the United States is 54 years. 77% of FSBO sales were by married couples that have a median income of $104,100. FSBO homes typically sold more quickly than agent-assisted homes; 67% of them being completed in less than two weeks. Of sellers who personally knew the buyer, 71% were satisfied with the process of selling their home.[7] Some critics of the National Association of Realtors' report believe those statistics may be misleading and suggest that the true market share of FSBO is higher than the NAR's reports suggest. This claim is in part because flat-fee MLS now makes up 10% of transactions.[8] They argue that flat-fee MLS sellers are in effect FSBO sellers. For-sale-by-owner listing sites include Zillow, ForSaleByOwner.com, Facebook Marketplace and OfferMarket.[9] CanadaSeparate reports from the Canadian Real Estate Association and CTV Consumer Reports state that between 20% and 25% of homes in Canada are not sold through brokers each year (as of 2004).[10] MSN Money suggested in 2009 that 30% of homes are sold without using a real estate agent.[11] In that same year, more than half of the homes sold in Quebec were sold without an agent.[12] United KingdomIn the UK, the average commission rate is 1.42%, significantly lower than in Canada or the US, meaning that FSBO is less common.[13] Property sales must be registered with the UK Land Registry which applies a registration fee to record the legal ownership. The completion legal paperwork does not need to be handled by an agent or solicitor, but most sales are completed by professional conveyancers or licenced solicitors.[14] AustraliaIn Australia, FSBO is still relatively niche market. As of 2014, privately sold houses in Canberra spent about 34 days on the market, according to RP Data – the second shortest period in the country. Canberra houses sold by private treaty spent the same time on the market as those in Melbourne; a week longer than Sydney, where houses are on the market for an average of 27 days. Privately sold units in Canberra spend an average of 54 days on the market, third only to Sydney (23 days) and Melbourne (37 days) when compared with other capital cities.[15] See alsoReferences
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