Home Buyers and Home Sellers
for Local Search Engine Optimization and Hyperlocal Online Marketing
What are the first questions that enter a prospects mind before they really start their online search?
Is it possible to anticipate those oddball questions? And do you really even want to try?
Capturing Prospects Early
Does it require a lot of effort to engage and nurture early prospects through the entire cycle?
Research Statistics and Reports from NAR
"For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers."
These Reports can provide a host of data for your marketing efforts. Why re-think or re-invent the wheel (flywheel), when NAR has compiled all of the data for you?
We use these Profiles of Home Buyers and Home Sellers for Local Search Engine Optimization and Hyperlocal Online Marketing.
Characteristics of Home Buyers
Characteristics of Home Buyers
First-time buyers made up 26%, down from last year's 34%. This is the lowest share of first-time buyers since the data collection began.
The typical first-time buyer was 36 years old this year, rising from 33 last year, while the typical repeat buyer age climbed to 59 years. Both are all-time highs.
61% of recent buyers were married couples, 17% were single females, 9% were single males, and 10% were unmarried couples. This is the highest share of unmarried couples recorded.
Among first-time buyers, 18% of buyers were unmarried couples, and 5% were other household compositions. Both are the highest shares recorded.
14% of home buyers purchased a multigenerational home, to take care of aging parents, because of children or relatives over the age of 18 moving back home, and for cost-savings.
88% of buyers were White/Caucasian, 8% were Hispanic/Latino, 3% were Black/African-American, 2% were Asian/Pacific Islander, and 3% identified as other. The share of White/Caucasian buyers and Hispanic/Latino buyers both grew this year, while the share of other racial and ethnic groups declined.
91% of recent home buyers identified as heterosexual, 2% as gay or lesbian, 2% as bisexual, and 5% preferred not to answer.
22% of recent home buyers were veterans and 1% were active-duty service members.
At 22%, the primary reason for purchasing a home was the desire to own a home of their own. For first-time buyers, this number jumps to 62%.
Characteristics of Home Sellers
Home Sellers and Their Selling Experience
The typical home seller was 60 years old, an increase from 56 last year.
For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (21%), moving due to retirement (11%), or the neighborhood has become less desirable (11%).
Sellers typically lived in their home for 10 years before selling. This is an increase from eight years in last year’s report, but reverts back to the same tenure seen in 2019 and 2020.
41% of sellers traded up to a larger home and 32% purchased the same size home.
86% of home sellers worked with a real estate agent to sell their home, 10% sold via FSBO, and less than 1% sold via iBuyer.
For recently sold homes, the final sales price was a median of 100% of the final listing price, the highest recorded since 2002.
Recently sold homes were on the market for a median of two weeks, an increase from one week last year.
Only 20% of sellers offered incentives to attract buyers, a drop from 26% of all sellers last year.
91% of sellers were at least somewhat satisfied with the selling process.
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