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The Yankee Express

Market recap – good tips if you are planning to buy or sell

Feb 09, 2021 11:06AM ● By Mark Marzeotti

Home buyer statistics

• First-Time vs. Repeat Buyers: 

o First-time buyers: 31%

o Median age of first-time buyers: 33

o Median age of repeat buyers: 47

o Median household income of first-time buyers: $80,000

o Median household income of repeat buyers: $106,700

• The typical home purchased was 1,900 square feet in size, was built in 1993, and had three bedrooms and two bathrooms.

• Among those who financed their home purchase, buyers typically financed 88% of the home price.

• 88% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.

• Buyers who would use their agent again or recommend their agent to others: 91%

• Where buyers found the home they purchased: 

o Internet: 52%

o Real estate agent: 29%

o Yard sign/open house sign: 6%

o Friend, relative, or neighbor: 5%

o Home builder or their agent: 6%

o Directly from sellers/Knew the sellers: 2%

o Print newspaper advertisement: 1%

Home seller statistics

• The typical home seller was 56 years of age, had a median household income of $107,100, and lived in their home for 10 years.

• 89% of sellers were assisted by a real estate agent when selling their home.

• Recent sellers typically sold their homes for 99% of the listing price, and 38% reported reducing the asking price at least once.

• The typical home sold was on the market for 3 weeks.

• 41% of sellers who used a real estate agent found their agents through a referral by friends or family, and 26% used the agent they previously worked with to buy or sell a home.

• Sellers who definitely would use same agent again: 74%

For sale by owner (FSBO) statistics

• FSBOs accounted for 8% of home sales in the past year. The typical FSBO home sold for $217,900 compared to $295,000 for agent-assisted home sales.

• FSBO methods used to market home: 

o None: Did not actively market home: 46%

o Yard sign: 25%

o Friends, relatives, or neighbors: 22%

o Social networking websites (e.g. Facebook, Twitter, etc.): 14%

o Open house: 11%

o Multiple Listing Service (MLS) website: 6%

o Online classified advertisements: 5%

o For-sale-by-owner websites: 5%

o Video: 2%

o Print newspaper advertisement: 1%

o Direct mail (flyers, postcards, etc.): 1%

• Most difficult tasks for FSBO sellers: 

o Preparing/fixing up home for sale: 12%

o Understanding and performing paperwork: 10%

o Getting the right price: 9%

o Selling within the planned length of time: 6%

o Having enough time to devote to all aspects of the sale: 5%

* Source: 2020 National Association of REALTORS