What Do Today's Home Buyers and Home Sellers Look Like?
Louisiana Realtors • November 29, 2018
Before any big game a coaching staff will look at film of an opponent to gain a better understanding of their tendencies. Having the knowledge of what they like to do, and what they don’t like to do can pay dividends when it comes to formulating a successful strategy. As a REALTOR®, your clients and prospects aren’t “opponents”, and you don’t have film to watch of their buying habits; but you do have research and statistics that can give a nice glimpse into what a typical home buyer or home seller looks like. While there are exceptions to every rule, having a current grasp on how people shop for real estate can be an advantage.
Today’s Home Buyers
· 33% of home buyers today are first-time home buyers.
· The average household income of home buyers is $91,600.
· The median purchase of a home today is $250,000.
· Over half (51%) of homes bought today are in a suburban area.
· 82% of homes purchased are single-family homes.
· 87% of all home buyers use a real estate agent.
Today Home Sellers
· 44% of home sellers are moving into a larger home.
· The median equity gain for today’s home seller is $55,000.
· Home sellers have been in their home for an average of 9 years.
· The distance between their current home and new home is 20 miles.
· 91% of home sellers are using a real estate agent, an all-time high.
While these are current numbers destined change and be influenced by a number of variables, they provide valuable insight into both sides of the market are behaving. As these numbers move and trends continue to evolve, one thing is clear and that is the role that a trusted, knowledgeable, professional REALTOR® plays on both sides of the transaction.
Built for How You Work
Confused about debt and mortgage approval? Learn how lenders view debt, what DTI really means, and how to protect your buying power before shopping.
NAR is pleased to share the latest consumer guide offering homeowners factors to consider when deciding whether to sell their home. The guide includes seven discussion points to help potential sellers think through the decision with the help of a real estate professional who’s a REALTOR®. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Thinking of Selling? 7 Factors to Consider How to Make Your Home More Energy Efficient Can’t Pay Your Mortgage? You Have Options 8 Tips for Selling Your Home in Winter Hiring a Remodeling Contractor Real Estate Contract Contingencies Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for the next consumer guide, which will look at factors to consider when deciding whether to purchase real estate as an investment.
