We love stories of for sale by owner (FSBO) sellers saving on real estate agent commission and fees.
While the Massachusetts real estate market has entered the Spring season, a time typically marked by an increase in the volume of listings hitting the market and an overall increase in market velocity, one Massachusetts FSBO was able to sell their home quickly in April and save on real estate agent commission.
A Somerville FSBO recently used a flat fee MLS listing to sell their 1,300 square foot condo and saved $15,230 in real estate agent commission.
The Somerville FSBO saved on real estate agent commission because they used a flat fee MLS listing from Entry Only New England, a local flat fee MLS realty service – learn more about how flat fee MLS listings actually work.
What’s fascinating is that this Somerville flat fee MLS entry only listing sold faster, and at a higher price per square foot, than listings in the same zip code that were sold by Realtors charging their clients a full commission.
Somerville FSBO Saves $15,230 in Commission with Flat Fee MLS
One of the latest condominium sales in Somerville was at 1188 Broadway Unit 305 Somerville, MA 02144 in the super hot Teele Square area. This was a 1,300 square foot two bedroom two bathroom third floor condo accompanied by garage parking.
The sales stats behind 1188 Broadway Unit 305 are impressive. The unit was on the market for 2 days, was listed for $565,000 but sold for $621,000 at $478 per square foot. So, this Somerville FSBO sold their condo with a flat fee MLS listing, got well over asking price and in 2 short days!
The Somerville FSBO also saved $15,230 in real estate agent commission and fees by leveraging a flat fee MLS entry only listing.
If that wasn’t enough, what’s happening in the Somerville condominium market over the past six months, and how does that compare to what happened at 1188 Broadway Unit 305?
There have been 73 condominium sales in Somerville over the past six months, the average days on market were 58, and the average price per square foot has been $423.
1188 Broadway Unit 305, a Somerville flat fee MLS listing, sold 29 times faster than the average Somerville condo over the past six months, and it sold for 13% more than the average Somerville condo price per square foot.