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.