Yes, it's true, the FSBO (For Sale By Owner) famed in song and story is now one of a vanishing species on the American landscape. Well, have you seen many FSBO signs lately?
According to the NAR 2010 Profile of Home Buyers and Sellers, FSBO sales declined to less than 1 in 10 transactions in 2010 (around 9% of all sales), down from 1 in 7 in 2004.
AND in almost 50% of the successful transactions the seller knew the buyer beforehand; sort of one of those "If you ever want to sell this house I'll buy it" sort of sales.
In the difficult markets of the past few years we've been called on more and more to assist sellers in getting the job done.
Resort areas, rural areas, and central cities tended to have the highest percentage of FSBO sales with suburban FSBO sales being only 6% of the market.
FSBO sellers tended to be younger and have lower median incomes than sellers than hired an agent to get the job done.
A high share of FSBO sellers are single males so single female Realtors can now have another place to meet guys, just go up and knock on a FSBO door and see who shows up. ;)
I've been wondering a lot lately why I'm not seeing as many FSBO signs around as I remember in days past. Now that I've read the latest survey of home buyers and sellers I know the answer; they're a vanishing breed.