WHO ARE TODAY’S HOME BUYERS AND SELLERS?

The National Association of Realtors (NAR) has released an infographic depicting the 2014 Profile of Homebuyers and Sellers. The report unveiled a great deal of information about who is buying and who is selling their home here in the U.S. and why. The profile includes statistics about their age and income, the home search process, the characteristics of homes purchased and how buyers financed their purchase. The following is a summation of NAR’s findings.
WHO’S BUYING?
As of 2014, only 33% of homebuyers across the nation were first-time homebuyers, the lowest percentage since 1987. The year before that, 2013, only 38% of buyers were first time. The other median numbers given by the NAR report include the median home size of 1,570 square feet with a medium price of $169,000.
WHO’S SELLING?
The 2014 Profile of Homebuyers and Sellers states that 88% of homes sold in 2014 were sold with the help of a real estate agent. Only 9% of homes sold have been “for sale by owner” sales in 2014. The median time on the market was 4 weeks. (These numbers are based on a national average). The advantages of having a realtor assist you in selling or buying your home are infinite.
The home searching process and the financing process are also a very important to consider. In 2014, 90% of buyers had done considerable research online before buying a home with the assistance of an agent. The top search methods used by potential homebuyers in order were: online, real estate agents, mobile apps and lastly yard signs. According to the NAR profile, 97% of “younger” buyers and 64% of buyers over the age of 65 financed their purchase.
To see more of this NAR Profile of Home Buyers and Sellers please click on the following link: www.realtor.org
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