Owner sales difficult in cold South Florida market

April 24th, 2009

The For Sale by Owner (FSBO) industry took a 12 to 13 percent market share of real estate transactions nationwide in 2006, but in a weaker economic climate, every sell is a tough one, and going it alone may not be worth it.

Regardless of whether an agent’s 6 percent commission is at stake, South Florida remains one of the slowest markets in the nation.

Janice Leis, broker at Prudential Fox & Roach in Boca Raton, said a tough real estate market is no time for sellers to be penny pinchers.

“In a marketplace with a saturation of inventory, and a small window of opportunity seasonally, you want to stand out,” which a good agent can do better than most do-it-yourselfers, she said.

A recent report from Real IQ and Altos Research said the typical home in Miami-Dade, Broward and Palm Beach counties sits on the market for 193 days. Chicago is the second toughest market behind South Florida. The average home owner there posts a “for sale” sign in the yard for 180 days.

Click here to read the rest of my story on The Real Deal.

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