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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.
As previewed last week, NAR is pleased to share the latest consumer guide focused on homeowners associations (HOAs). This guide covers the basics of what prospective buyers need to know, including who runs HOAs, how monthly fees are applied, rules HOAs enforce, and the pros and cons of living in an HOA community. For additional information, we encourage you to check out this REALTOR® Magazine article on the nuances of how homeowners associations can affect real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days 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: Homeowners Associations Marketing Your Home Seller Disclosures Property Taxes Preparing for Homeownership 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 homebuying 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 next week’s guide on Wednesday, which will cover navigating multiple offers.
Discover how REALTORS® play a key role in legislative advocacy, ensuring that real estate rules and regulations protect brokers, clients, and the market. Learn about the benefits and opportunities they provide.
As previewed last week, NAR is pleased to share the latest consumer guide focused on marketing a home. This guide covers several methods for sellers to consider, including setting up showings, hosting open houses, and maximizing the visual appeal of a home through staging and/or cosmetic updates. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days 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: Marketing Your Home Seller Disclosures Property Taxes Preparing for Homeownership Escrow and Earnest Money 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 homebuying 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 next week’s guide on Wednesday, which will cover homeowners associations.
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