NAR's 2021 Profile of Home Buyers and Sellers
This year marks the 40th anniversary of NAR's (National Association of Realtors) Profile of home buyers and sellers.
The annual report is a survey of buyers and sellers who recently completed a transaction.
The first survey was administered in 1981 and contained 59 questions, today in 2021 there are a total of 129 questions.
It is 164 pages in length, here are some of the findings from the new survey.
HOME SEARCHING USING THE INTERNET
1981 - 0%
2021 - 95%
TYPICAL DOWNPAYMENT
1981 - 20%
2021 - 13%
MEDIAN AGE OF FIRST TIME BUYERS
1981 - 29 yrs.
2021 - 33 yrs.
FOR SALE BY OWNERS
90% sold with assistance of an agent
7% were FSBO's
4% of the FSBO's knew the buyer
REASONS FOR BEING A FSBO
- 63% knew the buyer (relative, or friend or neighbor)
- 60% sold this way to avoid paying a commission
- 12% because buyer contacted seller directly
- For sale by owners will often be willing to pay a brokerage company a commission if they bring in a buyer, however, most times they would have saved more money if they listed with an agent to begin with.
All commission are negotiable, when you see that nearly 100% of buyers are starting their searching on the Internet it may be a great reason to consider selling with a professional who knows the market and the best way to get sellers top price for their home in the shortest amount of time.
The majority chose their agent based on the honesty and trustworthiness of the professional. Experience was the next top reason.
"In general, buyers were very satisfied with their real estate agent's skill and qualities, with 89 percent saying that they were very satisfied with their knowledge of the purchase process, as well as 88 percent saying that they were very satisfied with their agent's responsiveness, honesty, and integrity."
