During the housing boom, many homeowners were able to avoid real estate brokers and their costly commissions by posting their own listings online and finding success.
But with the recent economic crisis, homeowners are faced with a predicament, according to the article in The Times.
On one hand taking the for-sale-by-owner route might allow you to cut corners and reap much-needed savings. On the other hand, with the market as bad as it is, you may want a broker’s specialized knowledge for a quicker sale. The article focuses on four individuals that are trying to sell their home or apartments FSBO. Mr. Ruzal, a 54 year old living in New York trying to sell his apartment points out that "The first five letters of broker is broke". A 6 percent commission that a broker could take on the selling price of his apartment would be almost a years salary for him. This is something Mr. Ruzal, and many others are having a hard time dealing with.
I think this is a hard decision for people selling their homes now. The amount that can be saved by selling FSBO can be significant, but for someone who needs to sell fast or possibly having a better chance of selling may want to take some losses and go through a broker.
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