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Find Out How Much Money You Can Save Listing Your Home By Owner In Pinellas County Florida
Dated: April 7 2021
Find Out How Much Money You Can Save Selling Your Home 'By Owner' in Pinellas County
This is a question many homeowners have been asking themselves in our HOT real estate market...and a great one to investigate if you’re thinking about selling your home.
As a self-declared ‘stats nerd’ I took it upon myself to dig into the Pinellas County MLS on this matter recently. If there were savings to be had, I was going to see for myself! I pulled ALL the single-family home sales in Pinellas County for the 1st quarter of 2021 (January through March).
Here’s what the data showed:
3275 Single-Family Homes were SOLDin Pinellas County from January 1st, 2021 through March 31st, 2021.
Of those, 173 Single-Family Homes were sold with ‘Limited Listing Services,’ aka sold ‘By Owner.’
For homes listed with a full service Realtor, the median sale price in Pinellas County was $330,000
For homes listed ‘By Owner’ with a limited listing service in the MLS, the median sale price was just $308,000 or 7% LESS. Now remember, these homes were listed in the MLS by a limited service company. That means these home sellers still offered a commission to REALTORS who brought them a buyer AND paid a fee, in addition to that commission, to the listing service that entered it in the MLS for them.
Properties listed ‘By Owner’ sat on the market, on average, for 40 days.
Properties listed with a Realtor not only sold for MORE, but only sat on the market for 7 days on average (that’s a month LESS).
As you can see, the properties sold 'By Owner,' sold for a decent amount LESS than properties listed with a licensed REALTOR. Reminder, this is real data pulled directly from the Pinellas County MLS for Single-Family Homes that were sold from January through March of 2021.
Next, I dug a little further to see what else was going on with the home prices when it comes to listing with a full service Realtor or listing a home ‘By Owner’ in our VERY HOT Pinellas County housing market.
Here’s what that data showed:
Of the 173 Single-Family Homes sold ‘By Owner,’ just 37 sold OVER ASKING PRICE.
Of the 37 homes sold over asking price, the average percent over asking was just 2%
For Homes listed with a full service REALTOR, 843 single-family homes sold OVER ASKING PRICE in the same time period and the average sale price over asking (for homes that escalated) was 5%!
This is obviously not good news for people wanting to save on commission by selling their homes themselves. While it makes sense to want to save money, this is clearly not the way to do it. Full-time, experienced REALTORS (like us!) are negotiating with buyers and sellers every day. It's what we're trained to do. Meanwhile, homeowners are trying to negotiate directly with REALTORS representing buyers or the buyers themselves. The numbers above simply show us it's not to the homeowner's advantage when it comes to saving money or selling a home quickly.
For example, let’s say a homeowner is trying to sell their home on their own and pays a listing service $500 to list their home in the MLS. Even if the homeowner is only offering a 2% commission to REALTOR’S who bring them a buyer, they are STILL losing 5% more on the sale price compared to homes listed WITH A REALTOR.
The average FSBO (For Sale By Owner) property is selling in Pinellas for $308,000 (5% LESS than homes listed with a full time REALTOR). That equates to a seller LOSING $15,400! Those sellers are also having to take on price negotiations, inspection issues/repairs, contract paperwork, and so much more…for less money! The numbers simply don't make any sense at the end of the day. Hiring a skilled listing agent, even at 3% (plus the 2% they offered to a buyer's agent in the scenario above) would have netted them 2% MORE and saved them a TON of work! Play with the numbers all you want, the fact is, they don't lie...
So while it may sound like a great idea to sell your home 'By Owner' in Pinellas County, the numbers just don’t add up for the majority of homeowners that have sold ‘By Owner’ in 2021 so far.
If you’re thinking about selling your home and would like to find out what the costs and final closing numbers look like when you list your home, CALL us at The Sandy Hartmann Group today at (727) 400-3315 to learn how we get our sellers MORE MONEY for their homes in LESS TIME!
Other reasons to call us? We're not your average team of Realtors! We’ve been selling homes locally in Pinellas County for over 35 years and are consistently ranked in the TOP 10 out of over 6,000 other Realtors in Pinellas County when it comes to home sales closed in Pinellas. So call us and find out why our clients return to us over and over again…
Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....
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