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 buying land and building a new home. This guide covers how to find land for sale, explains construction loans, and weighs the pros and cons of building a custom home. 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: Buying Land and Building a New Home Deeds and Titles Alternative Listing Options Navigating Multiple Offers Homeowners Associations Thank you for continuing to engage 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 property title theft.
Negotiating a real estate deal can be overwhelming, especially for buyers who don’t have experience with the process. Here are five key negotiation strategies smart buyers use—and how working with a REALTOR® provides a competitive edge.
As previewed last week, NAR is pleased to share the latest consumer guide focused on deeds and titles. This guide covers the difference between a deed and a title, common types of deeds, and title searches and insurance. 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: Deeds and Titles Alternative Listing Options Navigating Multiple Offers Homeowners Associations Marketing Your Home Thank you for continuing to engage 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 buying land / constructing a new home.
