A recent survey conducted by CLEVER sheds light on the perceptions and experiences of 1,000 home sellers in 2022 and 2023. The findings highlight the benefits of a Real Estate Agent and the challenges faced by those who opt for the For Sale By Owner route.
Sellers who chose not to work with a Real Estate Agent admitted to the following obstacles throughout their selling process:
- 43% said buyers distrusted them as the seller because they didn’t have a listing agent.
- 40% said they struggled to understand their contract.
- 36% felt they made legal mistakes because they didn’t have an agent.
Lower Sales Price
Homeowners who sold without a real estate agent are 3X more likely to say they lost money on their home sale.
- Those who sold their home with an agent tended to earn $46,600 more in average profits than those who sold without an agent in 2022 and 2023.
- About 50% of unrepresented sellers say they wish they had priced their homes differently.
- Nearly 50% now believe their home would have sold for more if they would have used an agent.
Longer Selling Process
Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months.
- 53% of sellers who used an agent say they accepted an offer within a month of listing their home, however, many homeowners who didn’t use an agent said the primary reason for doing it alone was to sell faster.
More Stress
- Half of home sellers who did not use an agent admit to crying at some point in the process.
- 52% of unrepresented home sellers said they felt overwhelmed by the entire sales process.
- On the flip side, homeowners who hired an agent were more likely to say they felt good about their sale and expressed less stress.
While the vast majority of home searches start online, most consumers still use real estate agents to buy or sell a home.
- The NAR 2023 study showed 89% of buyers and sellers in the last year used a real estate agent, up from the previous year.
- 77% of respondents who used an agent said they were satisfied and 72% said they would use their agent again.
- Only 7% of homeowners sold as a For Sale By Owner over the last year, matching the all-time low recorded in 2021.
- For Sale By Owner’s sold at a median price of $310,000 in 2022, compared to $405,000 for listed homes.
The experiences of For Sale By Owner sellers highlight the essential value that real estate agents bring to the table. From addressing trust concerns and financial setbacks to streamlining the selling process, agents play a crucial role in ensuring a smooth and successful transaction. Let us help you navigate the complexities of the real estate market, ensuring satisfaction, and optimizing financial outcomes.
