The Real Deal New York

Big jump in New Yorkers listing their own homes

Properties listed "For Sale By Owner" up 30 percent since last year

March 12, 2014 11:45AM

A home at 244 North Fifth Street in Brooklyn listed "For Sale By Owner"

A home at 244 North Fifth Street in Brooklyn listed “For Sale By Owner”

More New Yorkers are opting to list their homes themselves instead of hiring a broker to sell the properties, recent data shows.

The number of New York City homeowners who have listed their homes “for sale by owner” has gone up 30 percent since last year, according to figures from real estate search site StreetEasy.

Homeowner Samantha Saturn, who created her own website to market her apartment at 244 North Fifth Street for $1.395 million, told DNAinfo the choice to go it alone was a financial one. The combined fees of the owner’s and buyer’s brokers typically add up to 6 percent of the sale, according to DNAinfo. In Saturn’s case, selling her own home could save her more than $80,000.

“The money I need to invest in our relocation is significant at this point,” Saturn told DNAinfo. “So to save five figures helps. By the end of it, I may see there are skills I need and have to hire a broker.”

Such skills may include handling migraine-inducing bidding wars, evaluating potential buyers and closing the deal, according to the article. [DNAinfo] -- Angela Hunt

  • DTNYC

    Once again, poor reporting. Who cares if they are up 30% when it is based on a minuscule number to begin with? What IS the number? We don’t know because you don’t say. I can guarantee you it is still virtually non existent in Manhattan which you also don’t point out. In addition, most listings initially put up by sellers eventually wind up with brokers anyway. Not to mention that most of these very sellers WILL pay a broker bringing the buyer once again reducing the impact of the owner marketing it himself. Please present ALL of this very important info instead of acting like Fox News.

    • Mike

      Fox News? Does reporting the facts bother you? It doesn’t matter what “stats” the NAR comes up with, buyers and sellers are more sophisticated. Technology has made that happen. You must be an idiot to think the role of the broker will NOT diminish over time. Give it up. People are tired of paying tens of thousands of dollars to pretentious brokers.

      • DTNYC

        Answer the question! A balanced article would have reported the ACTUAL numbers, would have mentioned that most FSBO’s actually wind up listing with a broker, that the FSBO DOES pay a commission to buyer’s broker and that this us virtually unseen in Manhattan. These are all very pertinent facts that were omitted in a slanted story. FOX NEWS indeed!

MENU