If you are interested in digging into some of the behavior of buyers and sellers, the National Association of Realtors Profile of Home Buyers & Sellers can be a wealth of information. Some of that knowledge may help you make decisions on how to effectively market, how to compete more effectively, or what channels of opportunity exist that you might consider taping into in the coming year.
Here are some highlights from the report:
- Two-thirds of recent buyers only interviewed one agent before they found the agent they worked with.
- The typical first-time buyer was 31 years old, while the typical repeat buyer was 53.
- Thirteen percent of recent buyers over the age of 50 bought a home in senior-related housing.
- Buyers expect to live in their home for 12 years after buying.
- Forty percent of buyers found their agent through a referral from a friend or family member and 12 percent used an agent they had used before to buy or sell a 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.
- Seventy percent of home sellers only contacted one agent before selecting the one to assist with their home sale.