NAR Profile Of Home Buyers And Sellers, Part II
My February Market Watch highlighted findings from three sections of the National Association of Realtors annual Profile of Home Buyers and Sellers. These included Characteristics of Home Buyers, Characteristics of Homes Purchased, and The Home Search Process. This edition will highlight findings from three other sections. It is important to note that the findings are national in scope and may differ from any specific market.
Home Buying and Real Estate Professionals
* 87 percent of buyers purchased their home through a real estate agent.
* Having an agent assist in finding the right home was what buyers wanted most at 52 percent.
* 41 percent of buyers used an agent that was referred by a friend, neighbor or relative and 12 percent used an agent they had used before.
* 90 percent of buyers would use their agent again, or recommend their agent to others.
Financing the Home Purchase
* 88 percent of buyers financed their home purchase. They typically financed 87 percent of the purchase.
* First time buyers typically financed 93 percent of home; repeat buyers typically financed 84 percent.
* For 13 percent of buyers, the most difficult step in the buying process was saving for a down payment.
* Of buyers who said saving was the most difficult step, 50 percent cited student loan debt, 37 percent credit card debt and 35 percent cited car loans as making it difficult to save for the down payment.
Home Sellers and Their Selling Experience
* The typical home seller was 55 years old, with a median household income of $98,800.
* For all sellers, the most common reasons for selling was the home was too small (15%), the desire to move closer to friends and family (14%) and a job relocation (13%).
* Sellers typically lived in their home for nine years before selling.
* 91 percent of home sellers used a real estate agent to sell their home.
* For recently homes sold, the median final sales price was 99 percent of the final listing price.
* Recently sold homes were on the market for a median of three weeks before accepting an offer.
* 44 percent of all sellers offered incentives to attract buyers.
* 64 percent of sellers were very satisfied with the selling process.
If you have questions regarding local market conditions, market values, or what it takes to market your home, contact me. I would welcome the opportunity to meet with you and discuss your concerns and plans.
Al Fross is a Coldwell Banker RB Sales Associate based in the Bedminster/Bridgewater office. Al has lived in the Bradley Gardens section of Bridgewater since 1993 and has been an active volunteer in in many recreational and community organizations including serving as a current member of the Board of Adjustment and past Chairman of the Township’s Planning Board. Al primarily serves the Somerset and Hunterdon County real estate markets.