- According to data found in NAR’s annual Profile of Home Buyers and Sellers, home buyers and sellers consistently report they truly rely on referrals from friends and family to find an agent or they use an agent they had worked with before.
- Fifty-four percent of buyers and sixty-four percent of sellers found the agent they worked with either from a personal referral or they used an agent they had worked with before to buy and sell a home.
- Due to this fact, two-thirds of both buyers and sellers only contact one agent before choosing an agent to work with.
- Buyers are being assisted by professional real estate agents and brokers in what is often the most important transaction of their life. Their home purchase is not only the roof over their head or the garden they want to plant, but their nest egg for their future.
- The most important skills and qualities buyers look for are honesty and integrity. The most important factors to sellers are the agent’s reputation, and that the agent is honest and trustworthy.
- Annual data in the Member Profile validates what we hear from buyers and sellers on this point.
- Forty-two percent of member business is from referrals and repeat clients – this increases as the member’s experience in the field of real estate increases, reaching sixty-four percent for those with 16 or more years of experience.
- While many buyers find the home they purchase online, very few find the agent they end up working with online.
On Tuesday, November 19, NAR Research held a Twitter Chat to discuss the highlights from the newly released 2013 Profile of Home Buyers and Sellers. Research’s Director of Member and Consumer Survey Research, Jessica Lautz, discussed the latest info and trends from this always popular annual report, responding to 140 character-or-less questions as they filtered in. The discussion was lively and informative, and thanks to all who participated. Even if you were unable to interact with us that day, the full recap of the #2013HBS hashtag recap can be found here, and the most popular tweets from the chat can be found after the jump:
The characteristics of home buyers has changed, likely due to tightened credit conditions. There is a higher share of married couples and a suppressed level of single buyers. There is also a lower than historical share of first-time buyers, and higher incomes among buyers in general. Here are two charts that display this trend:
For more information on the 2013 Profile of Home Buyers and Sellers, click here >
The 2013 NAR Profile of Home Buyers and Sellers was released on November 4, and as it does each year the report examined the demographics, preferences, motivations, plans, and experiences of recent buyers and sellers.
One recent trend discussed is how much consumers now embrace technology during the home search process. Did you know that…
- Fifty-six percent of buyers start their home search online, 43 percent found the home they ultimately purchased online (edging out all other sources), and 92 percent used the internet at some point during their search process.
- Forty-five percent of recent buyers used a mobile or tablet website or application during their home search and among those who did 22 percent found the home they purchased online.
Here are a few charts from the Profile that highlight the growth in technology usage over the years:
- The share of home sellers who sold their home without the assistance of a real estate agent was 9 percent. One-third of those sellers knew the buyer prior to home purchase.
- The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee or commission (43 percent).
- One-third of FSBO sellers took no action to market their home, and 60 percent did not offer any incentives to attract buyers.
- The typical FSBO home sold for $174,900 compared to $210,000 among agent-assisted home sales.
- For more information on the annual Profile of Home Buyers and Sellers, click here. The 2013 report will be released next Monday, November 4.