Monday, March 17, 2014

Profile of Buyers and Sellers

NAR Report:

A recent National Association of REALTORS® (NAR) report, from data collected in 2013, revealed many insights into current buyer and seller habits. Highlights of the report include:
  • 38% of homebuyers were first-time buyers, a little lower than the historical average of 40%.
  • 14% of homebuyers purchased multigenerational homes. The primary reasons given were children over the age of 18 moving back home, cost savings and caretaking of aging parents.
  • The average homebuyer is 42 years old, while the typical first-time homebuyer was 31 and the average repeat buyer was 52. Buyers over the age of 50 accounted for 49% of recent buyers.
  • New home purchases accounted for 16% of all recent home purchases.
  • The size of the average home purchased was 1,900 square feet and had two bathrooms and three bedrooms.
  • On average, the homebuyer searched for 12 weeks and viewed 10 homes before making a purchase. More than 50% of homebuyers said finding the right home was the most difficult step in the homebuying process.
  • 42% said the first step in the homebuying process was searching online for properties. 12% of buyers said they used online recommendations to search for an agent.
  • 63% of recent buyers said they interviewed one agent before they found the agent they worked with and 88% said they would use their agent again.
  • 42% of buyers found their agent through a referral from a friend or family member and 12% used an agent they had used before to buy or sell a home.
The report concluded that typical sellers had lived in their home for nine years, up from six years in 2007. And 36% of sellers had offered incentives, such as assistance with home warranty policies and closing costs to attract buyers.

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