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Fsbo (for Sale By Owner) Is This The Future For Real Estate?
The Worlds Financial markets are in a mess whether we choose to admit or not. The Dow Jones Index resembles a white knuckle ride at a fair ground at the moment and in London the FTSE 100 is faring no better. This all arose largely because of the problems arising from the US Sub Prime Lending Market. What is the future for the US real estate market and how can the more efficient selling of homes affect this market place?
The so called “sub prime credit crunch” that hit the USA earlier this year and as a result, cut a swathe through to the rest of the world's economy almost resulting in the first run on a UK bank over a hundred years threw up many “interesting” phenomena.
One of these is so called interesting phenomena was the growth in what is called FSBO Advertising. Now for the uninitiated, FSBO stands for “For Sale By Owner”. Now FSBO is any real estate term which describes the situation in which a property is offered for sale or tender directly by its owner or their nominees without own having procured or solicited the help of a real estate broker or realtor. This of course would imply that there would be actually no real estate commission associated with the sale of the property. Now depending on where you stand on this; this is either a good thing or a bad thing.
If you want to save money it's a good thing. if on the other hand you like the safety and security of being independently advised by a third party realtor or property expert then it’s a bad thing. Either way this is a section of the marketplace that is rising.
According to industry analysts the number of properties being sold by FSBO methods rose by 12% in the year ending October 2007.
1. 12% of old real
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estate transactions in the United States in 2006 were via FSBO.
2. 13% of all transactions in the United States in 2005 to place via FSBO.
Like it or love it, it is a growing phenomena and is destined to stay for a very long time. Though this type of transaction is very much viewed as almost sale of real estate via DIY (Do It Yourself) the various online services that have arisen to service this marketplace are extremely professional and very comprehensive in their outlook and the assistance they provide. Far from this being a back street option as the figures suggest it is very much a sector of the marketplace that is not only growing but showing extremely healthy figures of growth for the foreseeable future as well.
As with all aspects of this type of “Domestic” transaction there comes a time when you will be in need or have a requirement for professional services such as when you get to the Conveyancing side of things but that is only to be expected, there are certain things that it really is not prudent or wise to try and cut corners with and this is one of those.
The one real positive aspect of the entire procedure is that “For Sale By Owner” really does as the name suggests, put you the owner of the property very much in the driving seat with regards to the overall process and you indeed end up calling the shots and for a great many people this can be extremely worthwhile not only financially but in other areas as well.
Do not dismiss the possibility of using this sort of process lightly; “For Sale By Owner” (FSBO) is here to stay.
For further on FSBO visit http://www.fsboads.com
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