Do you need to have a realtor?

[Bagor]

Originally Posted by Winsor_Pilates

It's hard to track any sort of stat for it, but my experience would say 90% of those buyers who think they're saving by going alone, are actually paying more

Actually, it wouldn't be hard to track the stats for it and present the data.

Just as it wouldn't be hard to track the stat for % difference between sale by owners and realtor sold homes. I've been hearing the old realors get x% more for home sales compared to for sale by owners for a few years now yet when asked what this claim is based on get a best answer of "well, it's common knowledge".

If there is indeed great value to be had by retaining a realtor shouldn't you folks be presenting more evidence to back it up?

[troutman]

http://www.trulia.com/blog/dominicre...sing_a_realtor

Here are some statistics for the National Association of Realtors:

For Sale By Owner (FSBO) Statistics

FSBOs accounted for 9% of home sales in 2010. The typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales.


http://www.forsalebyowner.com/educat...k-says-brokers

"According to the NAR, those sales that are negotiated through a real estate broker sell for 16 percent more than if the owner sells themselves. So, even when you consider you're saving the six percent broker's fee you're still losing 10 percent," he said.

http://ezinearticles.com/?For-Sale-b...tors&id=934100

Potential and existing For Sale by Owners should take National Association of Realtors (NAR) ongoing rhetoric with a grain of salt.

[Winsor_Pilates]

Originally Posted by Bagor

Actually, it wouldn't be hard to track the stats for it and present the data.

Do tell?

You could do a sampling of sales with 2 agents vs sales with 1 agent, but the problem would be accounting for actual double ender sales where the 1 agent really had their own buyer clients, or if they were unrepresented buyers suddenly entering alone as we're discussing here.

Just as it wouldn't be hard to track the stat for % difference between sale by owners and realtor sold homes. I've been hearing the old realors get x% more for home sales compared to for sale by owners for a few years now yet when asked what this claim is based on get a best answer of "well, it's common knowledge".

If there is indeed great value to be had by retaining a realtor shouldn't you folks be presenting more evidence to back it up?

Seems even harder to compare, what's your recommendation here?
Considering most FSBO will go through something like Craigslist or Welist, how do we get the sales data to compare to agent listed MLS sales?
If you sell your place on Craigslist, I can't pull the list price vs sale price, days on market, price drops etc. for your property.
Unless these sales are in the same data system(if available at all), we're not comparing apples to apples.

And for the record, I'm not making the claim you've stated about "realtors get X% more...", just questioning your suggestion for easy comparison.

[First Lady]

Originally Posted by Realtor 1

You can't think that because they dropped twice already they wont be willing to go down much further. This brings up an additional advantage to having a realtor. In a situation where the property keeps dropping in price I personally would prepare a market analysis on the home and determine what the real asking price should be. If you list 100k over market value and then drop 50k, you as a buyer might think your getting a great deal by having another 20k negotiated off the price.

Originally Posted by bizaro86

Not to be disagreeable, but this is absolutely the wrong way of looking at it. You should try to get it for what it's worth (or less). The asking price really has nothing to do with the value, imo. Two price drops could easily be a seller who needs to sell, and would drop a lot more for a credible offer.

I think you'll almost certainly get a better deal with a realtor, and that's what I would do if I was buying.

I just wanted to reiterate this advice and again extend thanks.

We did retain a realtor. And we ended up in a situation with multiple people putting in offers.

We were successful and got it for 24K less than the most recent list price.

Things moved pretty fast and unfortunately we weren't able to involve any of CP's realtors or mortgage brokers; Troutman however will be handling the legal end of things.

[Travis Munroe]

congratulations. That is very rare to have multiple offers on a property and get it for that much less (unless it was a million dollar home)

[First Lady]

Originally Posted by Realtor 1

congratulations. That is very rare to have multiple offers on a property and get it for that much less (unless it was a million dollar home)

Well, it is in a million dollar community.... that's all I have to say about that.