What Kind of Buyer / Seller are You?
In 2013 the National Association of REALTORS® completed their annual " Profile of Home Buyers and Sellers" report. Besides the profile, NAR set out to answer questions such as;
º Who are the home buyers and sellers of today?
º Do they use a real estate professional to assist them buying or selling a home?
º How does the internet play a role in today's real estate transaction?
º Characteristics of Buyers and type of Homes/Real Estate Purchased.
º Real Estate Professionals and Home Buying and Selling.
º The Home Search Process.
º Home Purchase Financing: Mortgages, Loans & Cash.
º For Sale By Owner Sellers.
What has not changed is that for most buyers and sellers, the real estate transaction is one of the largest financial decisions they will make. What has changed is the demographics, dynamics, behaviors and resources of today's home buyers and sellers. Below are highlights from the report.
• 66% of home buyers were married (the highest share since 2001).
• 42% percent of buyers first step in the process was searching real estate online.
• Use of the Internet in the home search rose to 92%.
• Average buyer searched 12 weeks and viewed 10 homes. (BuySellCHS.com users view 3-4 times as many).
• 88% of buyers purchased using a real estate agent / broker (increased from 69% in 2001).
• 88% of sellers were assisted by a real estate agent.
• 66% of Sellers only contacted one agent to assist with their home sale.
• Only 9% of sellers who sold their home without a real estate agent (40% knew the buyer prior to home purchase).
The NAR's annual survey also provides great insight and detail about recent home buyers and sellers. However it is not very easily summarized in the report. Placester of Cambridge, MA put together this great Infographic of "Home Buyer / Seller Generational Characteristics & Trends". The results identify buy age, the characteristics of home Buyers and Sellers. Read on to see if your Real Estate Age Profile matches you? We think that they are all mostly spot on.
Buying, Selling, or Just Looking…our website is available 24/7 and we always have time for you. Let’s Start a Real Estate Conversation!
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