More sellers are relying on real estate agents to sell their homes, rather than selling their own properties. HomeGain surveyed 400 homeowners this summer, asking them whether they used a real estate agent to sell their home, or whether they attempted to sell it themselves – 79 percent said they used an agent, while 21 percent said they tried to sell their home on their own.
About 66 percent of homeowners who used the services of an agent sold their home, while only 30 percent of those who attempted to sell their own properties were successful. Additionally, 22 percent of those who attempted to list properties on their own eventually sought the help of an agent.
"The selling process can be overwhelming. Homeowners are often surprised at the amount of paperwork and preparation involved in selling a home," says Suzanne Yost, president of the Silicon Valley Association of REALTORS®. "A REALTOR® can give you up-to-date information on the marketplace, price your property right, market your property to other agents and the public, and can guide you through the closing process so the transaction flows smoothly."
According to the National Association of REALTORS®, from 1991 to 2011 the share of home sellers who used an agent or broker to sell their home increased from 77 percent to 87 percent. The typical FSBO (For Sale By Owner) home sold for $150,000, compared to $215,000 among agent-assisted home sales.
Here are reasons why sellers utilize the services of an agent:
Yost reminds consumers not all real estate licensees are the same. Only licensees who are members of NAR are properly called REALTORS® and can display the REALTOR® "®" logo on the business card or other marketing literature. "REALTORS® are committed to treat all parties to a transaction honestly because they subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. In addition to bringing expertise and knowledge to the table, a REALTOR® brings honesty and trustworthiness to a transaction," says Yost.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.