New figures show existing home sales have dropped more than 11 percent in the past year. At the same time the number of homes on the market increased by a record amount.
Paula Toti says it might seem strange to hear locally more people are trying to sell by owner.
A survey by one group that will help you sell your house on your own, finds Cincinnati is one of the top ten cities when it comes to people selling by owner.
"We have two bedrooms on the first floor."
Sarah Moore and her husband are trying to sell their own Hyde Park home on Grace Avenue.
It's been on the market at $339,900 a few months and she's in no hurry.
"We're trying to save some money the 6-8 percent or whatever it is .. By selling on our own."
Trying to save on commission is why people try to sell without a realtor.
"Cincinnati showed over 90 percent growth in for sale by owner in the course of 12 months ... We compared since our survey in 2005."
It may be that in a buyers market ... sellers are trying to squeeze out more profit. But currently the Cincinnati Board of Realtors says there are 25 percent more homes for sale locally than a year ago. That's some tough competition.
Sarah admits one home on her street was for sale by owner for six months before they finally turned to a broker and then it took another six months to sell.
The Moores did turn to a service that will list their home on the MLS for a fee of about $900 ... that way buyers and other realtors can find it one line.
"It's very clean ... You're expecting people to drop by."
Marketing their home has been a big time commitment.
"We've been getting a lot of people at open houses 3 - 4 a week and lots of phone calls."
They came up with a price ... in part with the help of a realtor. That may sound strange but most are willing to help because they know 80 percent of for sale by owners ... eventually give up and list with an agent.
If you do sell on your own ... use an attorney to handle the contract ... be willing to pay 3 % commission to an agent who brings you a buyer ... and don't stop marketing until there's a signed contract.
Finally experts say all sellers should rethink their price if a house doesn't see movement after three months.
Realtors will tell you homes sold by agents do tend to bring a higher price than homes sold by owner.
Also when buyers see a for sale by owner sign .... they are expecting a deal ... not a home priced where a realtor would list it.
Having said all that I've sold both ways ... and did sell one by owner in Cleveland years ago in one day ... but it was a seller's market at the time.
By the way, even though it's a buyers market right now, prices locally are not declining.
But a new report shows big declines in other Ohio cities including Cleveland, Toledo, and Youngstown.
