News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
NAR Releases 2013 Profile of American Home Buyers
National Association of Realtors / November 4, 2013
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 and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
- Sixty-six percent of recent home buyers were married couples—the highest share since 2001.
- For 42 percent of home buyers, the first step in the home-buying process was looking online for properties and 14 percent of home buyers first looked online for information about the home buying process.
- The use of the Internet in the home search rose slightly to 92 percent.
- The typical home buyer searched for 12 weeks and viewed 10 homes.
- Eighty-eight percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
- Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
- Two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.
- 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.