Some of the nation’s most expensive markets are also the ones where homeowners are choosing to eschew the traditional methods of real estate and sell their homes without the help of a Realtor, real estate agent or broker, according to a new report from Owners.com, a subsidiary of Altisource Portfolio Solutions (ASPS).
According to Owners.com data, 2014 saw a significant increase in self-directed real estate sales. One of the main reasons for going it alone in the real estate game? Saving money.
According to the report, sellers saved on average $9,500 in commissions by selling their own home instead of using an agent.
Another reason for the increase in for-sale-by-owner listing is advancements in technology, Owners.com said.
“Real estate had not changed for nearly 100 years, but technology has helped remove many of the barriers in the industry. Today, consumers can finally conduct their own research, make informed decisions and ultimately buy and sell homes with substantially lower transaction costs,” said Steve Udelson, president of Owners.com. “Empowered consumers are leveraging technology to take control and save time and money in the process.”
According to Owners.com, the top 20 real estate markets where consumers sold their homes using its self-directed flat fee multiple listing service model in 2014 is topped by New York, where the average list price is $496,576.
In terms of volume of homes listed by owner, Chicago ranks second and carries an average list price of $307,755. Also cracking the top 20 are Washington, D.C., which carries an average listing price of $454,240, and Boston, which carries an average listing price of $441,130.
Check out the rest of the top 20, ranked by volume of homes listed by owner and listed with average listing price.
1. New York - $496,576
2. Chicago- $307,755
3. Tampa-St. Petersburg-Sarasota - $225,717
4. Dallas-Ft. Worth - $255,414
5. Philadelphia - $272,961
6. Atlanta- $279,379
7. Detroit - $257,314
8. Cleveland - $208,669
9. Phoenix - $261,978
10. Washington, D.C. - $454,240
11. Orlando-Daytona Beach-Melbourne - $231,449
12. Miami-Ft. Lauderdale - $356,177
13. St. Louis - $209,561
14. Denver - $368,783
15. Kansas City - $201,111
16. Boston- $441,130
17. Los Angeles - $499,030
18. Nashville - $246,428
19. Greenville-Spartanburg-Asheville - $240,473
20. Charlotte - $226,092