Housing Bubble

Houston, Charlotte top homes for sale by owner list

June 20, 2003

Find Houston homes for sale by owner

NEW YORK, -- According to a survey of home-selling habits released today by real-estate services company ForSaleByOwner.com, homeowners in Houston are the most "independent" of any city in the U.S., with more choosing to sell homes without using a real-estate broker than anywhere else.

ForSaleByOwner.com is America's leading resource for independent home sales, connecting buyers and sellers of homes without charging a broker commission. A next-generation real-estate company, ForSaleByOwner.com is the first and only national residential property network combining online and offline property listings.

Of the more than 15,000 homes listed with ForSaleByOwner.com last year, 8% came from Houston alone, the company reported.

Charlotte, NC placed second with nearly 6.5% of "independent" home sellers, followed by Indianapolis (6%), Raleigh (5%), and Virginia Beach (3%). Data was based on geographical information for listings posted on ForSaleByOwner.com in 2002.

"Houstonians are very savvy about real estate, and I think the numbers reflect that sophistication," said ForSaleByOwner.com COO Colby Sambrotto. "The more consumers know, the more likely they are to realize how well they can do by selling a home with a partner other than a broker."

According to figures released last month by the company, consumers saved an estimated $110 million in commissions last year by partnering with the company to sell their homes instead of using a broker, based on the industry's standard 6% commission.

One of the fastest-growing real estate sites on the Internet, ForSaleByOwner.com saw traffic grow nearly 70% in 2002. "Selling your home without a broker isn't rocket science. We are here for our customers every step of the way, to offer information on resources, selling advice, mortgage services and much more," added Sambrotto.

Based on the average real estate commission rate of 6%, a person selling a home for $500,000 could save as much as $30,000 by using ForSaleByOwner.com. Even at a broker's reduced commission rate of 2%, a home seller could save $10,000. According to industry estimates, one in four homes is currently sold directly by owner. It is also reported that more than 60% of buyers look at homes online before actually visiting properties in person.

The Top 10 Cities for independent home sellers in 2002, according to ForSaleByOwner.com

1. Houston, TX
2. Charlotte, NC
3. Indianapolis, IN
4. Raleigh, NC
5. Virginia Beach, VA
6. Wilmington, NC
7. Omaha, NE
8. Atlanta, GA
9. Jacksonville, FL
10. Orlando, FL

Source: ForSaleByOwner.com

Houston, Charlotte top homes for sale by owner list