The great thing about data is that it just...is. If the information is collected properly, you can't argue it. You can work to change it, but what it tells you just is!
That said, the National Association of Realtors, or NAR, constantly monitors buyer and seller data. It helps those of us in the industry see what is happening and know where the market is going. If we see certain trends, they might tell us that the market is a buyers or sellers market. This data then lets us help you, our clients and customers, better understand your position as you look to buy or sell.
Recently, the NAR released some info on the 2017 market that helps us see the bigger picture of where the housing market is. Take a look at the date NAR provided:
Home Buyer Statistics
- First-Time vs. Repeat Buyers:
- First-time buyers: 34%
- Median age of first-time buyers: 32
- Median age of repeat buyers: 54
- Median household income of first-time buyers: $75,000
- Median household income of repeat buyers: $97,000
- The typical home purchased was 1,870 square feet in size, was built in 1991, and had three bedrooms and two bathrooms.
- Among those who financed their home purchase, buyers typically financed 90% of the home price.
- 87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
- Buyers who would use their agent again or recommend their agent to others: 89%
- Where buyers found the home they purchased:
- Internet: 51%
- Real estate agent: 30%
- Yard sign/open house sign: 7%
- Friend, relative or neighbor: 6%
- Home builder or their agent: 5%
- Directly from sellers/Knew the sellers: 2%
- Print newspaper advertisement: Less than 1%
- A specialized marketing plan for you to sell that utilizes social media in multiple forms, open houses as necessary, and an international marketing platform
- A mobile App that can help you as a buyer see info about a house you're interested in, and take you to others in the area. It also allows you to search for open houses and get directions to them all the time!
- A netwwork of hundreds of agents who are working with buyers and sellers as a team, not in competition. Working together, we can find your dream home or help you sell faster!