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How You Compare To The Typical Home Seller

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The National Association of Realtors’ Profile of Home Buyers and Sellers takes an annual look at the who, what, where, and how of the year’s typical real-estate transaction. Based on a survey sent out across the country, the results reveal things like how much the average home seller made on the sale of their home, how buyers came up with their down payment, and what types of homes sold, who sold them, and for how much. For example, last year’s typical seller was 54 years old, had been living in their home for 10 years, and had a median income of $100,700.

The most commonly cited reason for selling a home was to find something bigger, which was named by 18 percent of respondents. Other common reasons for selling a home included wanting to live closer to friends and family and because of a new job. The majority of sellers didn’t have to offer any incentives in order to attract a buyer for their home and nearly 9 in 10 used a real-estate agent to help sell their house. The typical home seller was able to sell their home for $43,100 more than they purchased it for and got 98 percent of their final listing price. More here.

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How Long Does The Typical Home Search Last?

Parker Scott Properties Clocks
Parker Scott Properties Clocks

You don’t want to feel rushed when choosing a home to buy. It’s a big decision and one you’ll be living with for many years to come. So it’s best to take your time and only make an offer when you find a house that’s really right for you. But though that’s true, you may wonder along the way if you’re taking longer than usual or seeing more homes than the typical buyer. So how long does the usual home buyer search for a home? Well, according to the National Association of Realtors, the length of the median home search has gotten longer over the past 30 years. In fact, buyers in 1987 searched a median of seven weeks before buying a house. In recent years, that’s risen to as much as 12 weeks – though it’s held steady at 10 weeks since 2014. During those 10 weeks, buyers typically look at 10 homes before finding one that fits their needs. That’s fewer than it used to be, but not by much. The median number of homes buyers see before purchasing has generally been between 10 and 12 homes for the past 30 years. More here.