For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. With 2014 just around the corner, this may be an opportune time to begin planning how you will target buyers and sellers for a strong 1st quarter of 2014.
The National Association of REALTORS annual Buyer and Seller Survey showed the following highlights:
- Sixty-six percent of recent home buyers were married couples—the highest share since 2001.
- 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.
The complete report is available on Realtor.org for members only to purchase. Note that only 9% of FSBO’s were successful selling their home without a REALTOR. Pencil those numbers out and start visiting FSBO’s
“Expect the Best” Mike