FSBO or Realtor?

Rare FSBO spotting in Hoboken

You’d think with the economy “tightening” that more and more people would try to sell their homes themselves. But the FSBO spottings are far and few between in Hoboken.

Here’s one we saw the other day at 1218 Washington Street, unit 8C. You interested? Email 1218Washington@gmail.com for more info.

FSBO Hoboken NJ 1218 Washington Street

Would you sell your Hoboken apartment yourself (FSBO)?

10/24/2012 Update:

I noticed this property at 1123 Washington Street had a big banner out front, clearly indicating that it was for sale by owner (FSBO).

They boasted that there was no brokers or Hoboken Realtors involved, which obviously means one thing: No middle man, and no fees.

On paper, this allows the buyer to pay a bit less, and the seller to keep a bit more (provided the condo is sold at less than it would had an agent been involved.)

The average price paid for a condo in Hoboken as of late is around $525,000. With the 6% fee, that’s over $30k that you can take out of the equation!

Is having a Realtor worth the 6% fee?

It definitely seems that the majority of home owners use Realtors versus trying to sell their apartment themselves.

Do the services that real estate offices provide justify the price? With some of the larger brownstones – you could be talking between $60k and over $100k! For what? Color brochures and open houses?

I can certainly understand that if your home is listed in the Hoboken MLS listings, that you’d certainly get more exposure.

But with sites like FSBO.com, Craigslist and Zillow – coupled with the fact that Hoboken is a “hot” market, perhaps either Realtors aren’t as necessary as they used to be, or could cut their commissions down in half or more?

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8 Comments on "FSBO or Realtor?"


Member
2 years 10 months ago

You can always negotiate that commission % down.

Member
briank
2 years 10 months ago

In a strong market you can list FSBO and probably do ok. I sold my place by owner 2 years ago (at te time the market wasn’t great). I did have previous work experience in the mortgage business so I had experience. Even with that, one caution others should think about is dealing with showings and open houses. I have kids as a dog- you need to get them all of oh the house and find somewhere to go for a couple hours on weekends, evenings for showings, etc (it as especially a pain with the dog and that it was the middle of te winter). Anyway, one spouse will not be happy with that situation.
Also, even if you list by owner, make it clear you are willing to pay a buyer’s realtor. Otherwise you lose probably half of your potential buyers because agents won’t brim their buyers to our home if you are not paying a commission.

Member
xrayfox
2 years 10 months ago

at least there should be a maximum $$ amount that a realtor is able to receive! Realtors do basically the same amount of work toward the sale of a 300,000 property as they do for one that’s a 1,000,000 or over.

Member
212transplant
2 years 10 months ago

If you’re in no hurry, FSBO is the way to go. Just a little more work, but worth it.

Member
2 years 10 months ago

Depends on which side you find yourself.

As a buyer, you think you can knock off 6%, but don’t realize the owner set a price above realtor listings understanding people will do that. Say they post theirs at 10% above realtor listings, you come under at 6% and basically pay a 4% premium. Typically, people who shop FSBO are low ballers, so it’s stalemate. Sellers of FSBO are not flexible from my experience. You need a third party to convince you to take any offer and work with them.

As a seller, it is a headache to deal with people who are not screened (by a realtor). Sooooo many dreamers who take up your day, are late, never show, or pretend to be a married couple when really they were just bored one Saturday. You think you’re saving 6%, but when you value your time, you find out after a few months whether or not it’s worth it.