Agents Don't Always Act in Seller's Best Interest - New Study
A recent study by two University of Chicago economists suggests that real estate agents often do not act in the best interest of their customer, the home seller and that home sellers should regard agents with some caution.
The landmark study by two Univeristy of Chicago economists Chad Syverson and Professor Steven Levitt compared data on homes that agents sold on behalf of others with those that they owned and sold for themselves. They analyzed sales from 1992 to 2002 of 98,000 homes in suburban Chicago, of which 3,300 were owned by real estate agents.
The results showed that homes owned by the agents themselves sold for 3.7% more than comparable homes owned by clients, while staying on the market 9.7 days longer. The authors go on to point out how the commission system gives the agent little incentive to maximize the selling price for their customer the home seller. All home sellers considering selling through a real estate agent should pay close attention, more details are here.
posted by FSBO Guru @ 1:02 PM
1 Comments:
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