Each year, the National Association of REALTORS® conducts research into the behaviors of home buyers and sellers. While there’s a TON of extremely valuable information in the report, at 128 pages, not everyone will take the time to read everything. Luckily for you, we have! And, we’ve pulled out 10 of our favorite facts.
- 92% of buyers use the internet in some way in their home search process and 50% of buyers use a mobile website or application in their home search.
- The typical home buyer searched for 10 weeks and viewed 10 homes—this is two weeks shorter than the previous year’s report.
- 40% of buyers found their agent through a referral from a friend or family member and 12% used an agent they had used before to buy or sell a home.
- 88% of buyers would use their agent again or recommend to others and 63% of buyers who purchased their home in the last year have recommended their agent to other buyers.
- 40% of home sellers traded up to a larger sized home, 47% purchased a more expensive home, and 53% purchased a newer home.
- The typical seller lived in their home for 10 years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only six years.
- Recent sellers typically sold their homes for 97% of the listing price, and 45% reported they reduced the initial asking price at least once.
- 70% of home sellers only contacted one agent before selecting the one to assist with their home sale.
- 50% of buyers purchased a home in a suburb or subdivision, 20% of buyers purchased in a small town, 16% purchased in an urban area and 11% purchased in a rural area.
- Nationally, home buyers moved a median of 12 miles from their previous residence. Buyers in the South moved the farthest—a median of 15 miles from their previous residence, while buyers in the Midwest and Northeast moved only 10 miles.