Do you have any Questions? NAR Profile of Home Buyers-Sellers Yields Interesting Stats

NAR Profile Of Home Buyers, Sellers Yields Interesting Stats

By John Voket

The recently released National Association of REALTORS Profile of Home Buyers and Sellers 2013 yielded a variety of interesting facts.

When polling consumers about their homeselling experience, the NAR learned that:

• 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
• The NAR's feedback from For-Sale-by-Owner (FSBO) Sellers indicates that:
• 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.

The NAR report also reveals these points about individuals queried about their home search process:

• 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.
• Real estate agents were viewed as a useful information source by 87 percent of buyers who used an agent while searching for a home.
• The typical home buyer searched for 12 weeks and viewed 10 homes.
• For more than half of buyers finding the right home was the most difficult step in the home buying process.
• Approximately nine in 10 recent buyers were at least somewhat satisfied with the home buying process 

Reprinted with permission from RISMedia. ©2014. All rights reserved.