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NAR Profile of Home Buyers, Sellers Yields Interesting Stats

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By John Voket

real_estate_statisticsThe recently released National Association of REALTORS Profile of Home Buyers and Sellers 2013 yielded a variety of interesting facts.

When polling consumers about their home-selling experience, the NAR learned that:

• Almost half of home sellers traded up to a larger size and higher priced home and 59 percent purchased a newer home.

• The typical seller lived in their home for nine years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only six years.

• Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.

• Recent sellers typically sold their homes for 97 percent of the listing price, and 47 percent reported they reduced the asking price at least once.

• Thirteen percent of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.

• Thirty-six percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs

• The NAR’s feedback from For-Sale-by-Owner (FSBO) Sellers indicates that:

The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty percent knew the buyer prior to home purchase.

• 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 (46 percent).

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