By Susanna Boyer • 2019 Director
For most home buyers and sellers, the purchase and/or sale of real estate are some of the largest financial transactions that they will ever make. People purchase a home not only because they want to own a home of their own, but also because of life changes; i.e., jobs, family situations, need for a smaller or larger living area. They sell for many reasons such as an increase in taxes (they cannot afford to live in the home any longer), a change in life situation (such as a death or divorce), upsizing or downsizing.
The annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and home sellers gives us a great cross section of both.
Characteristics of Home Buyers
- First-time buyers made up 33 percent of all home buyers, a decrease from last year’s 34 percent.
- The typical buyer was 46 years old this year, and the median household income for 2017 rose again this year to $91,600.
- 12 percent of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- 18 percent of recent home buyers were veterans and 3 percent were active-duty service
Home Buying and Real Estate Professionals
- 87 percent of buyers recently purchased their home through a real estate agent or broker, and 6 percent purchased directly from a builder or builder’s agent.
- Having an agent to help them ﬁnd the right home was what buyers wanted most when choosing an agent at 52 percent.
- 68 percent of buyers interviewed only one real estate agent during their home search.
- 90 percent of buyers would use their agent again or recommend their agent to others.
Home Sellers and Their Selling Experience
- For all sellers, the most commonly cited reason for selling their home was that it was too small (15 percent), followed by the desire to move closer to friends and family (14 percent), and a job relocation (13 percent).
- 91 percent of home sellers worked with a real estate agent to sell their home.
- For recently sold homes, the ﬁnal sales pricewas a median of 99 percent of the listing price.
- 44 percent of all sellers offered incentives to attract buyers.
Home Selling and Real Estate Professionals
- 75 percent of recent sellers contacted only one agent before ﬁnding the right agent they worked with to sell their home.
- 90 percent of sellers listed their homes on the Multiple Listing Service (MLS), which is the number one source for sellers to list their home.
- 77 percent of sellers reported that they provided the agent’s compensation.
The Profile of Home Buyers and Sellers report has been the leading industry source of trusted insight into consumer behavior for nearly four decades.
On June 19th, come join CRS designees and hear about what Foundation Communities is doing in the Austin area to help with AFFORDABLE HOUSING. We meet at the Austin Country Club, 4406 Long Champ Drive, Austin, TX 78746 from 11:30 – 1:00. Keep a watch out for an announcement to register.