The NATIONAL ASSOCIATION OF REALTORS® surveys home buyers
and sellers annually to gather detailed information about the home
buying and selling process. These surveys provide information
on demographics, housing characteristics and the experience of
consumers in the housing market. Buyers and sellers also share
information on the role that real estate professionals play in home sales
transactions.
Financing the Home Purchase1. Ninety-two percent of home buyers financed their recent home purchase.
2. The percentage of first-time buyers who financed 100 percent of the
purchase price with a mortgage dropped to 15 percent from 23 percent
last year.
3. Nearly half (47 percent) of home buyers reported they have made some
sacrifices such as reducing spending on luxury items, entertainment or
clothing.
4. One-fifth of first-time buyers reported their mortgage application and
approval process was somewhat more difficult than they expected, and
one-in-ten reported it was much more difficult than expected.
Home Sellers and Their Selling Experience1. About half of home sellers traded up to a larger size and higher priced
home and slightly more than one-fifth traded down to a smaller and less
expensive home.
2. Eighty-five percent of sellers were assisted by a real estate agent when
selling their home.
3. Recent sellers typically sold their homes for 95 percent of the listing price,
and 60 percent reported they reduced the asking price at least once.
4. Forty-two percent of sellers offered incentives to attract buyers, most
often assistance with home warranty policies and closing costs.
Home Selling and Real Estate Professionals
5. Forty percent of sellers who used a real estate agent found their agents
through a referral by friends or family, and 26 percent used the agent they
worked with previously to buy or sell a home.
6. Ninety percent of sellers reported that their home was listed or advertised
on the Internet.
7. Among recent sellers who used an agent, 81 percent reported they would
definitely (59 percent) or probably (22 percent) use that real estate agent
again or recommend to others.
For-Sale-by-Owner (FSBO) Sellers1. The share of home sellers who sold their home without the assistance of
a real estate agent was 11 percent. About half of them, 45 percent, knew
the buyer prior to home purchase.
2. The primary reason that sellers choose to sell their home without the
assistance of a real estate agent to a buyer they did not know was that
they did not want to pay a fee or commission (49 percent).
3. Nearly one-third of FSBO sellers took no action to market their home, and
57 percent did not offer any incentives to attract buyers.
4. Eighteen percent of FSBO sellers reported preparing or fixing up the home
for sale was their most difficult task, while 15 percent reported getting
the price right and an additional 15 percent reported understanding and
performing paperwork was the hardest part of selling their home.
Source: National Association of Realtors
