A Look At Today's Home Buyers and Sellers

Posted by Trent Corbin on Tuesday, September 4th, 2018 at 9:34am.

Today's Home Buyers and Sellers Top Statistics

Over time, social trends, shifts in governmental policies, housing market conditions, and changes in the nation’s economy can alter what the “typical” American home buyer and seller look like.

According to the National Association of Realtors’ most recent (2016 and 2017) surveys, these are the current statistics on American home buyers and home sellers.

Who are today’s home buyers?

  • First-time buyers make up 34% of all buyers.

  • The median age of the first-time home buyer is 32 years old, while the median age of repeat buyers is 54 years old.

  • The median household income of first-time buyers is $75,000, while the median household income of repeat buyers is $97,000.

  • 87% of all buyers purchased their home through a real estate agent or broker.

  • 89% of buyers said they would use their agent again or recommend their agent to others.

  • Buyers said they found the home they ended up purchasing through:

      • Internet: 51% (Browse listings on our site here)

      • Real estate agent: 30%

      • Yard sign/open house sign: 7%

      • Friend, relative or neighbor: 6%

      • Homebuilder or their agent: 5%

      • Directly from sellers/Knew the seller's: 2%

      • Print newspaper advertisement: Less than 1%

  • 78% of home buyers said the quality of the homes’ neighborhood was more important than the size of the home.  

  • 57% said they would forego a home with a large yard if it meant they would have a shorter commute.

  • 53% of home buyers undertook a home improvement project within 3 months of buying, typically spending $4,550 in improvement projects. (See these home improvement projects that have the best resale value!)

Who are today’s home sellers?

  • The typical home seller is 55 years old, with a median household income of $103,300, and has lived in the home they’re selling for 10 years.

  • 89% of sellers were assisted through their sale by a real estate agent.

  • Sellers typically sold their homes for 99% of the listing price

  • 22% of sellers reported reducing their asking price at least once before selling.

  • Three weeks is the average time a seller’s home spent on the market.

  • 41% of sellers used a real estate agent that was referred to them by a friend or family.

  • 23% of sellers used an agent they had previously bought or sold a home with.

  • 67% of sellers said they would use their agent again or recommend their agent to others.

  • FSBOS (for sale by owner sales) accounted for 8% of total home sales.

  • The average FSBO home sold for $190,000 whereas an agent-assisted home sale sold for $249,000.

  • FSBO sellers reported the most difficult task they faced was:

      • Getting the right price: 15%

      • Understanding and performing paperwork: 12%

      • Selling within the planned length of time: 13%

      • Preparing/fixing up home for sale: 9%

      • Having enough time to devote to all aspects of the sale: 3%

Looking for more on what makes working with a Realtor® so easy? We have a blog detailing the benefits associated with using a Realtor®.

There you have it folks, a look into today’s home buyer and seller! Where do you fit within these statistics? Perhaps you’re a first-time home buyer? We have a guide for you!

Click to download our Homebuyer’s 101 guide to the Top Questions Your Realtor® Will Ask.  

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