For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction.
Here are highlights from the latest report:
1.) Sixty-six percent of recent home buyers were married couples—the highest share since 2001.
2.) For 42 percent of home buyers, the first step in the home-buying process was looking online for properties and 14 percent of home buyers first looked online for information about the home buying process.
3.) The use of the Internet in the home search rose slightly to 92 percent.
4.) The typical home buyer searched for 12 weeks and viewed 10 homes.
5.) Eighty-eight percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
6.) Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
7.) Two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.
8.) The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty percent knew the buyer prior to home purchase.