NAR Study: 2014 Profile of Home Buyers & Sellers

I came across this study by NAR and wanted to share it with you…
Some of the highlights were intriguing! I have outlined a few below…enjoy!!

Characteristics of Home Buyers

33 percent of recent home buyers were first time buyers, which is still suppressed from the historical norm of 40 percent among primary residence buyers.
The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53.
65 percent of recent home buyers were married couples.
Buyers expect to live in their home for 12 years after buying.

The Home Search Process

For 43 percent of home buyers, the first step in the home-buying process was looking online for properties and 12 percent of home buyers first looked online for information about the home buying process.
92 percent of buyers use the internet in some way in their home search process and 50 percent 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.

Home Buying and Real Estate Professionals

88 percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69% percent in 2001.
40 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.
Two-thirds of recent buyers only interviewed one agent before the found the agent they worked with.

Home Sellers and Their Selling Experience

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.
88 percent of sellers were assisted by a real estate agent when selling their home.
Recent sellers typically sold their homes for 97 percent of the listing price, and 45 percent reported they reduced the initial asking price at least once.

Home Selling and Real Estate Professionals

38 percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 22 percent used the agent they worked with previously to buy or sell a home.
70 percent of home sellers only contacted one agent before selecting the one to assist with their home sale.
Among recent sellers who used an agent, 83 percent reported they would definitely (68 percent) or probably (15 percent) use that real estate agent again or recommend to others.

I thought this article was interesting & I hope you did, too. And if you ever know of anyone who is interested in buying or selling real estate, not just in Arizona, but anywhere in the world, I’d love to help! Not only does the majority of our business come from past clients and referrals, but it also comes from our extensive network of agents all over the globe. If I can’t help, I know an excellent agent who can.