Housing data showed that searching for homes for sale by owner in the U.S. has become more difficult. According to housing market analysts, the confusing procedures involved in short sales and foreclosures have discouraged a lot of property owners to personally take on the challenge of selling their own houses.
According to statistics released by the National Association of Realtors, FSBO or houses for sale by owners only accounted for nine percent of the total residential sales in 2010. The decline, realtors have reported, started in 2003 and has not shown any improvement since then. Prior to 2003, FSBO accounts for an average of 14% of total residential property sales in the U.S.
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In Northern Nevada, FSBO properties are not as closely monitored as in other regions, but local realtors have estimated that the figures have also declined and they believe that the drop is even bigger in Nevada. Local property agents have reported that buyers searching for homes for sale by owner have had no luck in the state. They also stated that they have not seen FSBO signs in properties in years.
Realtors have cited the last week of November 2010 as an example of how far FSBO numbers have declined in Nevada. During that time, only around 75 FSBO properties were listed in the combined listings of Carson, Sparks and Reno. The figure is against over 2,000 residential properties offered for sale in the areas of Sparks and Reno alone.
Most industry analysts agree that the drop in FSBO figures has something to do with the confusing procedures involved in selling houses at the current condition of the market. For one, FSBO cannot be offered through short sales. The latter accounts for around 30% of total residential sales in the Sparks-Reno housing market, while the other 30% is accounted for by foreclosures. This leaves FSBO a 40% window for which they can get share of the market.
However, realtors report that not a lot of sellers will go for an FSBO since rules seemed to change every week and sellers find it hard to keep up. Buyers who are searching for homes for sale by owner have also been discouraged by the fact that these transactions often do not reach closing stages.
This entry was posted in Realty and tagged Become, Difficult, Homes, More, Owner, Sale, Searching. Bookmark the permalink.Source: http://onerealtyep3.com/blog/?p=471
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