Just in time for their San Francisco conference, the National Association of REALTORS® released their in-depth profile of homebuyers and sellers all across the country. Almost nine thousand people responded to their survey regarding home purchases between July 2012 and June 2013.
There are a few notable statistics that demonstrate the value of a real estate agent, such as the large difference in sale price between homes sold with the help of an agent versus ones sold by owner (FSBO properties sold for more than forty thousand dollars less than ones listed with an agent) and that the percentage of buyers who used an agent to buy their home is now up to 88% (a steady increase from 69% in 2001). There is plenty more information about things like: how many people are financing their homes (and for how much), median duration of ownership, barriers to listing or buying a house, demographics of buyers, the use of the Internet in a home search, plus many other topics.
This study provides a nice complement to the recent NAR report about homebuying preferences of consumers, which we mentioned last week. The full report can be purchased here (with significant discounts for NAR members) or you can download a PDF of the highlights here.