Second Thoughts for Costa Mesa Owners Thinking ‘FSBO’
“For Sale by Owner” (FSBO) enthusiasts certainly hoped that the ascendancy of the Internet would be just what the doctor ordered to catapult their endeavors—and why not? Once Costa Mesa buyers were free to do their own searches on the web, the listing information that professional real estate companies had previously controlled would be available to all. But just as Wall Street’s Pet.com sputtered and burnt soon after takeoff, at this juncture, decades of results are in—and FSBO promoters would rather not discuss them.
In 1981, 15% of home sales were made as FSBOs—and by last November, they were circling the drain at 8%. Some of the reasons for the decline are open to argument—but others aren’t. Briefly, here are a few of the less debatable ones:
In practice, the Internet’s preeminence has actually worked against the FSBO approach. The dizzying amount of information and marketing tools that rain down on any Costa Mesa homeowner trying to blaze a trail through the cluttered wilderness of the web makes it increasingly obvious that the assistance of a professional guide has become increasingly necessary.
Getting the asking price right is much more likely when an unbiased professional is there to contribute the latest research and recent market data—not to mention the advantage of having a licensed professional front and center, explaining the asking price’s value proposition to inquiring prospective buyers.
Bottom line, research confirmed that last year, the median FSBO selling price was $217,900 vs. the agent-assisted median of $295,000. Considering that the FSBO sellers probably also had to pay the buyer’s agent’s commission from the proceeds, the economic advantage imagined to accompany the FSBO approach is, at best, dubious.
For today’s Costa Mesa home sellers currently weighing the pros and cons of ‘going FSBO,’ there’s one other persuasive, verified fact:
Over half of successful FSBO sellers already know their buyer before the sale began.
In other words, the 8% of successful FSBO sales might be more like 4% for homeowners who don’t have a friend or relative who’s already been eyeing their home for themselves. The long and short of it is that a hugely top-heavy percentage of successful home sales are made with the help and expertise of a real estate professional. So, call!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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