On October 29th, the NATIONAL ASSOCIATION OF REALTORS released the “2018 Profile of Home Buyers and Sellers.” This annual report provides insights into consumer trends related to the housing market.
Highlights concerning buyers:
- 87% of buyers recently purchased their home through a real estate agent or broker.
- 90% of buyers would use their agent again or recommend their agent to others.
- 73% of buyers purchased a home that was the same size or larger than their previous residence
- Home prices increased slightly this year to a median of $250,000 among all buyers.
- Buyers typically purchased their home for 99% of the asking price.
Highlights concerning sellers:
- Tenure in a home has declined from ten years to nine.
- 44% of home sellers moved into a larger home than their previous residence.
- Sellers had a median gain in equity of $55,000 while living in the residence they planned to sell.
- 91% of sellers used a real estate agent, an all-time high.
As you can see, real estate agents and brokers were pivotal to buyers and sellers this past year. Both buyers and sellers relied heavily on their real estate agent’s knowledge of the market and neighborhoods to supplement the housing information they found in online searches. It is also worth noting, that downsizing to a smaller home was not a trend in 2018. Buyers have been relying on the equity they have accrued in their homes to purchase larger residences. In fact, only 9% of buyers listed “downsizing” as a factor in their decision to move.
In short, regardless of whether they are downsizing or upgrading, almost all home buyers and sellers are using knowledgeable real estate professionals when navigating through what can be a complex buying and selling process.
To learn more about these trends and others highlighted throughout the report, feel free to visit the sources below.