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Recently we posted to our blog about measuring FSBO Statistics. Our claim, which can be substantiated, stated that 25% of residential real estate sold in Canada is by private sale.
A blogger commented on this post by saying 'Statistics are hard to measure in the for sale by owner marketplace...........'. This raises an interesting question.
How does the real estate industry claim that 90% of FSBO's end up listing with a broker? Another real estate agent in his blog on Activerain.com stated that realtor's can get 26% more for a property.
There is no question. The real estate industry is running scared. Technology is taking the control of selling real estate out of their hands. As much as they try to discourage owners from selling privately, it is the way of the future.
How do you calculate how many private sales were transacted? Simple. Subtract the number of sales as submitted by the Canadian Real Esate Association (CREA) from the number of transactions registered at the land registry office.
Learn how to Sell Your Own Home and save paying thousands of dollars in realtors fees.
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Private sales of real estate in Canada amount to 25% of the market. This number surprises a lot of people, however statistics will verify it.
Have you ever bought a new home from a builder? If so, this was a private sale. No real estate agents were involved in the transaction as it was not listed on MLS. The builders representative drafted an offer which contained a condition for a few days to allow your lawyer to review it. If you accepted the agreement, you proceeded with the purchase.
So what is so difficult about selling your own home? You market the property, find an interested buyer, then get your lawyer involved. They handle the paperwork. You end up saving $10,000, $20,000 and even more in Realtors fees.
But let's be honest and qualify this argument. It does involve some work on your behalf. You have to step into the shoes of an agent. What you expect them to do will be your job.
The forecast is that the number of private sales will double in the next 3-5 years. That's right, 50% of residential real estate sales will be completed on a private basis. Technology has changed the way real estate is bought and sold.
Are you ready to join the For Sale By Owner revolution?
Private list Durham Region Homes For Sale with us.
Check out our FSBO website for Private Sales.
Learn how to Sell Your Home privately and save paying thousands of dollars in real estate agents commissions.
In June 2008, new rules governing Canadian real estate transactions took effect. Buyers and sellers must disclose more personal information than they did in the past. This is intended to combat illicit financial activity and eliminate money laundering.
Real estate agents are now required to acquire and verify all personal information. They must also account for the source of deposits submitted for each transaction. Information of buyers and sellers must be kept by the broker office for a minimum of 5 years for every real estate transaction in Canada. Details such as proof of identify and occupation is included.
In a case where the realtor cannot meet their client, they are still responsible for obtaining and verifying personal information. During a transaction they must also complete a report of all funds received. Prior to the new rules taking affect, they only had to report dealings of more than $10,000 in cash.
When buying or selling real estate privately, the lawyer for each side is responsible for gathering and storing the personal information. They must also complete a report of all funds received during a real estate transaction.
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