That’s what we think too.
RISMEDIA, February 25, 2011—HomeGain.com, a leading online real estate resource that connects home buyers and sellers with real estate professionals, announced the results of its For Sale By Owner (FSBO) vs. REALTOR® survey. HomeGain surveyed over 1,000 homeowners asking whether they used a REALTOR® to sell their home or whether they attempted to sell it themselves. Eighty-three percent said they used a REALTOR® to sell their home and 17% said they tried to sell their home on their own.
Fifty-nine percent of homeowners that used a REALTOR® to sell their home were successful vs. 39% of FSBO’s, reflecting a 50% higher closing rate for those home sellers using a REALTOR®.
Eighty-one percent of homeowners that used a REALTOR® to try and sell their homes said they would use a REALTOR® again for their real estate needs.
Eighty-eight percent of homeowners who sold their homes using a REALTOR® said they would use a REALTOR® again.
Seventy-one percent of FSBOs who managed to sell their homes on their own said they would try and sell their home on their own again.
“It is especially striking that homeowners fare significantly better in selling their homes using a REALTOR® than selling on their own,” said Louis Cammarosano, General Manager of HomeGain. “Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR® than those who try to sell their homes on their own.”
The survey also pointed out that 24% of FSBOs eventually enlisted the aid of a REALTOR® to help sell their homes.
We have noticed more new construction in Bend as well. There eventually will be a pent up demand for new construction as it has been down for so long. Overall inventories are down, which should help the properties that are on the market.
A recent report showed sales of existing homes were also stronger than expected, rising 10%, and the two reports lend support to some economists who believe housing demand hit a bottom in late summer.
“After dropping precipitously following the expiration of the first-time home buyer tax credit, it looks as though new home sales have stabilized,” said Nicholas Tenev, an economist at Barclays Capital. “We expect a gradual recovery over the coming months.”
Still, the pace of new-home sales is 21.5% below the same level of last year. The pace of new-home sales is also considerably below the 414,000 rate in April, when the market was buoyed by a tax credit that has since expired.
There’s also still plenty of supply, with the government estimating supply of eight months of unsold homes, though that’s down from 8.6 months in August. The stock of unsold houses fell 1% from August and dropped 19% from Sept. 2009.
“With little new construction going on, inventories of unsold new homes at least aren’t a problem even with sales at a depressed level, with the number of new homes for sale extending a run of record lows,” said David Greenlaw, an economist at Morgan Stanley.
The median sales price rose 1.5% from August and 3.3% from Sept. 2009 to $223,800—about 30% above the median price of an existing home.
The margin of error for new-home sales is a considerable plus or minus 16.9%.
September’s housing market was only partly affected by a foreclosure moratorium of some leading lenders, which gathered pace in October.
New-home sales, by definition, wouldn’t be affected by foreclosure disputes and in fact could benefit by virtue of purchasers getting “clean” title when buying new properties.