Fun stuff to know about who’s buying and selling real estate ….

surveyAnd the Survey Says …..

Recently the National Association of REALTORS® conducted their annual homebuyers and sellers survey. This survey gives insight to what is going on in the world of real estate. Though not every buying or selling experience will mirror what is in the survey, but it does give a good idea of the trends in general.

 REALTOR.com survey on Home Buying:

  • Sixty-six  percent of recent home buyers were married couples—the highest share since 2001.
    • The median age of first-time buyers was 31, unchanged from 2012, and the median income was $67,400. The typical first-time buyer purchased a 1,670 square-foot home costing $170,000, while the typical repeat buyer was 52 years old and earned $96,000. Repeat buyers purchased a median 2,060-square foot home costing  $240,000.
    • For repeat buyers, 16 percent wanted a larger home, 12 percent had a job-related move and another 12 percent said they just wanted to own a home of their own.
    • Typical home buyers were 42 years old, first-time homebuyers averaged 31 years old and repeat buyers averaged 52 years old.
    • Many households were  multi-generational either including children moving back or taking care       of aging parents.
  • For  42 percent of home buyers, the first step in the home-buying process was looking online for properties and 14 percent of home buyers first looked online for information about the home buying process.
  • The use of the Internet in the home search rose slightly to 92 percent.
  • The typical home buyer searched for 12 weeks and viewed 10 homes.
  • Eighty-eight percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
  • Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
  • Two-thirds  of home sellers only contacted one agent before selecting the one to  assist with their home sale.
  • The  share of home sellers who sold their home without the assistance of a real  estate agent was nine percent. Forty percent knew the buyer prior to home purchase.

 REALTOR.com survey on Home Selling:

  • Almost half of  home sellers traded up to a larger size and higher priced home and 59 percent purchased a newer home.
  • The typical seller lived in their home for nine years. The median  tenure has increased in recent years. In 2007, the typical tenure in home was only six years.
  • Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
  • Recent sellers typically sold their homes for 97 percent of the listing price, and 47 percent reported they reduced the asking price at least once.
  • Thirteen percent of recent sellers had to delay or stall selling their home because the value of  their home was worth less than their mortgage.
  • Thirty-six percent of sellers offered incentives to attract  buyers, most often assistance with home warranty policies and closing costs.

Using a Real Estate Professional:

  • Thirty-nine percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 25 percent used the agent they worked with previously to buy or sell a home.
  • Two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.
  • Eighty-five percent of sellers reported that their home was listed or advertised on the multiple listing (MLS) website.
  • Among recent sellers who used an agent, 84 %  reported they would  definitely (65 percent) or probably (19      percent) use that real estate agent again or recommend to others.

For-Sale-by-Owner (FSBO) Sellers

  • The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty percent knew the buyer prior to home purchase.
  • The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee or commission (46 percent).
  • Approximately one-third of FSBO sellers took no action to market  their home, and 64 percent did not offer any incentives to attract buyers.
  • The typical FSBO home sold for $184,000 compared to $230,000 among agent-assisted home sales

Highlights From the 2013 Profile of Home Buyers and Sellers

Buying? We have the experience to help you through the entire purchase – there is no purchase too big or to small; I handle them all. Need help financing? I’m here for you!

First-time home buyer; need a larger home or looking for an empty nest? I will help you find and purchase the right place for you! It’s always a good time to buy!!

Selling? Want to know how your home compares to other homes listed and sold in the Cedar Rapids area?

Contact 319-480-5262 today!

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 All information above is from the National Association of REALTORS®.