For Sale By Owner (FSBO) transactions have hit a record low, accounting for only 8% of recent home sales. This is the lowest number NAR has recorded since 1981 when the report was first released.
The percentage of home sellers who recently sold with an agent stayed at an all time high of 89% since last year.
Jessica Lautz, Managing Director of Survey Research for NAR, says FSBO says have fizzled due to current market conditions where only an agent can provide the competitive edge that sellers need.
“What we do see is that sellers are working with agents to help market their homes to potential buyers, sell it in a specific time frame and price the home competitively,” she said. “Pricing the home competitively is really important for sellers today, especially because everything is rapidly changing with prices.”
NAR did say however, that the median price of FSBO rose slightly from $185,000 to $190,000 in 2016, compared to a home sold with an agent, where the median price is $250,000.
