In the past, people who sold their own homes could pocket the commission that otherwise goes to a broker. But in today's tough housing market, doing it yourself isn't so easy.
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(Associated Press) -- Savanna Forbes grabs a Swiffer mop to pick up a few stray dust bunnies before the open house she is holding in her Manhattan co-op apartment. She has already printed out full-color flyers and tucked away dishes, books and personal items she considers unsightly. It's all part of her effort to take on the risky real estate business without the aid of a real estate agent. Forbes is selling For Sale By Owner -- FSBO, in real-estate speak. But despite all her efforts, Forbes is prepping a home for no one to see. Her open house gets no visitors. "Two years ago, homes were selling overnight, and all you really needed was a yard sign," said Steve Udelson, CEO of owners. Now, sellers need to be more flexible by sharing the work and commission with a buyer's agent, Udelson said. The National Association of Realtors says 12 percent of home sellers went it alone in 2007, a drop from 18 percent in 1997. But Udelson says that number is misleading because it fails to count the 9 percent of sellers who went without a real estate agent but added their homes to a home listings database. "When you add that into the 12, we're really talking about 21 percent of the market sells by owner. It's a hidden trend," he says.
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Thank you, Jack Baker. Please respond to murf20@msn.com or 917-817-8402
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