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Characteristics of Home Sellers and Buyers in 2017

Home Sellers

Real estate agents help sellers get the most money for their home in the least amount of time. Agents also help smooth the home selling process. The National Association of Realtors (NAR), recently released an annual survey that provides some characteristics of home sellers in 2017.

  • A historically high 89% of home sellers used a real estate agent.
  • For three years now, the lowest recorded level of For Sale By Owner (FSBO) home sales was at 8%.
  • FSBO homes sold at lower prices than homes sold by a real estate agent. FSBO homes sold at a median price of $190,000 and the median price for homes sold by an agent was $250,000.
  • The average homeowner lived in their home for 10 years. Historically, homeowners have lived in their homes for six to seven years.

Home Buyers

For many home buyers, buying a home is one of the largest financial transactions they will make. Real estate agents help buyers find the best home for them. Here are a few of the home buyer trends from the NAR survey.

  • A historically high 87% of home buyers used a real estate agent.
  • There was a decrease in the number of buyers who purchased directly from previous owners.
  • Finding the right home remained the hardest part of the home buying process.
  • The amount of time a buyer searched for a home was 10 weeks.
  • A large 85% of buyers purchased previously owned homes.

If you’re looking to buy or sell a home, contact The Shanahan Group today!

 

 

 

 

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