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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.
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
Nominations are open now through March 28, 2025, for the Louisiana REALTORS® 2024 REALTOR® of the Year & the 2024 Lawrence R. DeMarcay, Jr. Distinguished Service Award. Both awards are aimed to showcase an individual who has volunteered their time in service to the real estate industry. Recipients of the awards will be recognized during the Spring Legislative Conference. (Registration coming soon!) Please see the below links with the selection criteria and consider submitting a nomination today. Contact Donna Teekel at (225) 224-0704 or dteekel@larealtors.org with any questions.
Current real estate trends indicate a growing need for flexible areas, smart home technologies, and energy-efficient designs as the needs of today's homes evolve.
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