For decades the real estate world turned in a very predictable way. The roles of buyers, sellers, and real estate professionals were well defined, and the real estate transaction followed a distinctive pattern. It would be an understatement to say that the real estate market has undergone some changes in the last two years. Along with these changes, the dynamics of real estate have been redefined thanks in large part to the Internet. With the help of the World Wide Web, buyers and sellers have become more empowered, allowing them to buy and sell more easily.

As technology advances, the real estate industry is transforming from agent-centric transactions to consumer-centric practices. With the help of the online industry, consumers now have more real estate knowledge, tools, and resources at their fingertips than ever before. According to the National Association of Realtors (NAR), more than 72 percent of homebuyers now start their home search online. Thanks to the Internet and other technological innovations, more real estate information is now freely available. As a result, consumers are demanding more choices, better services, faster transactions and lower prices.

Buyers are not the only ones who benefit from the Internet. With the housing market down, the last thing sellers want to do is pay a hefty commission. More and more sellers are speaking out by not wanting to pay the sales commission that an agent would charge. This is understandable as it will save you approximately 6% in commissions…which can easily be over ten thousand dollars.

For example, if you sell a house for $250,000, you would traditionally pay your agent $15,000… the buyer’s agent gets 3% ($7,500) and the seller’s agent (your agent) gets the other 3%. The buyer never pays any commission; that burden falls entirely on the home seller. It is not surprising that sellers choose to sell their properties independently, without the help of an agent. This explains the increase in the number of Sales by Owners. Sellers who are not affiliated with an agent make up a large part of our market today.

So what makes a seller think they can sell their house on their own? The answer is the Internet. The Internet allows sellers to market their homes to millions of people with just a few clicks of their keyboard. Pricing information, comparative market analysis, and recent sales may be available on the web for sellers who choose to list their own homes. Years ago, agents were essential for this type of information, but this is no longer the case; Simply put, the face of real estate has changed. So, if you have time to sell your own home and are interested in saving thousands of dollars… then go ahead and take the plunge. You’ll be happy you did.