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Knowing your Home Buyers and Sellers

Knowing your Home Buyers and Sellers | Highlights From the Profile of Home Buyers & Sellers

The housing market is a very important part of our economy. Buyers purchasing homes not only for themselves but also because they want to live in smaller or larger spaces depending on their needs can be seen as an annual survey conducted by The NATIONAL ASSOCIATION OF REALTORS® which shows how many people buy houses each year

The percentage seldom changes much from one generation to another so it’s always best if you keep up-to-date with current trends!

Know your buyer and seller in Real Estate

This report examines: 

Characteristics of Home Buyers

  • The percentage of first-time buyers is dropping, while the average age of a first-time buyer is increasing. Additionally, an increasing percentage of buyers are unmarried couples and/or buying multigenerational homes. 
  • The majority of recent home buyers are white, heterosexual, and have the desire to own their own homes. Read more

Characteristics of Homes Purchased

Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity, while buyers who purchased previously-owned homes were most often considering better prices. 

The most important factor to buyers in determining a home’s location is the quality of the neighborhood, followed by convenience to friends and family and affordability. Read more

Couple Looking At House Online On Laptop At Home

The Home Search Process

A majority of buyers first looked online at properties for sale, and agents were found to be a very or somewhat useful information source. Buyers typically searched for 10 weeks and looked at a median of five homes.

96% of buyers used online tools in the search process, typically conducting 60% of their search on a mobile device and 34% on a desktop/laptop. 91% were at least somewhat satisfied with their home-buying process. Read more

Home Buying and Real Estate Professionals

86% of buyers purchase their home through a real estate agent, and 49% want an agent that will help them find the right home. Read more

Financing the Home Purchase

In 2021, 78% of home buyers financed their purchase, down from 87% in the previous report.

The majority of first-time buyers made financial sacrifices to purchase a home, with the most common being cutting spending on luxury goods, entertainment, and clothes. Read more

Home Sellers and Their Selling Experience

The average home seller is 60 years old, has lived in their home for 10 years, and sells via a real estate agent.

Recently sold homes had a median final sales price of 100% of the listing price and were on the market for two weeks. Read more

Home Selling and Real Estate Professionals

Most sellers find their real estate agent through referrals from friends, family, or others they know. Most sellers only recommended their agent once since selling their home, and most would recommend them again. Read more

For-Sale-by-Owner (FSBO) Sellers

FSBOs (For Sale By Owners) account for 10% of home sales this year, up from 7% last year. FSBO sellers typically sell their homes for less than other homeowners, at a median price of $225,000.  Read more

Regardless of whether you are a buyer or a seller in the current market, it’s important to stay up-to-date on the latest trends and changes. At our blog, we provide regular updates on all things real estate–from homebuyers’ characteristics to sellers’ experiences. Follow us to know more about real estate whether you are a seller or a buyer. And if you have any questions, don’t hesitate to reach out to us. We would be happy to help!

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