Real estate statistics worth consideration
Statistical data can tell much about the situation in the real estate market and the direction towards which it will be moving in the closest future. It means that real estate agents aware of the latest statistics can make necessary conclusions on how to achieve better results in their job. That is the reason to consider the data regarding both home sellers and home buyers.
Home buyer statistics
When a person decides to buy a home, he can make it for the first time or have some experience in buying property. People who do that for the first time always face more challenges and have more fears, so their necessity of professional help is much higher. First-time buyers constitute 34% of all home buyers. Their median age is 32 years and their median household income is $75,000. The median age of repeat buyers is 54 and they earn $97,000.
Purchase of the home is a very responsible task, so many people prefer to turn to brokers and real estate agents for help. Over 87% of home buyers used the assistance of professionals and were mostly satisfied with this decision, as 89% of those would recommend the assistant they had to other people.
To buy a new home, it is necessary to find the one you will like. How can a potential buyer do that? There are many ways, but 51% of the modern buyers prefer to do that on the web and 30% use the help of a realtor. The rest of popular methods that are used by 7% of people and lower are an open house sign, help of friends and relatives, builder, a real seller and even printed newspapers (only 1%). It means that real estate agents should pay more attention to online listings to attract more buyers.
What are the important features of homes for buyers? Well, over 78% of people would consider neighborhood quality more important than the size of the home. 54% would choose a home that offers a shorter commute rather than a spacious yard. In addition, most of the buyers are not satisfied fully with the property they have purchased, and 53% of people did improve the state of their new home within the first 3 months after they bought it. However, if a seller was lucky to have a waterfront home, many buyers agreed to add more over the price to get it – it means that such homes feature a much higher value.
Home seller statistics
Home sellers are another source of income for real estate agencies. Where should they look for people selling home? If to analyze basic characteristics of the median home seller, it is a 55-year-old person who used to live in this home for over 10 years and has an annual income of over $103,000. However, sometimes there is no need to look for a seller as they come to real estate firms to help themselves – 89% of sellers admitted that. 41% of sellers invited an agent on the basis of their friends’ and relative’s advice, while 23% turned to realtors they have already cooperated with. 67% admitted that they would return to the real estate agent for assistance again.
What about the time spent in the market and prices of the property? Most of the buyers explained that their homes have found new owners spending only 3 weeks in the market. 99% of them have sold a property for the price indicated, while 22% of people admitted lowering the price at least one time.
Looking at these statistics it is possible to make a conclusion that real estate agents play a very important role in the lives of both home buyers and sellers. The main reason for that is a necessity of professional assistance required by every person and fear to be cheated. However, despite the fact that most real estate agent’s clients were satisfied with their job, it is very important to grow at the professional level to provide real estate services of the highest quality.