When it comes to buying or selling your home, chit chat, small talk amd promises are great, but you really need to rely on statistics and hard data if you really want to make money. So we collected these statistics about real estate, buying and selling, and homeownership from a dozen credible current sources. After reading this, I think you’ll agree that knowledge is power when it comes to selling your home for top dollar!
13,205 houses sell every day in the U.S.
First-time buyers makeup approximately 31% of all purchases, with investors (15%) and all-cash buyers (27%) also significant segments of the market.
An average of 9,640 mortgages are approved every day.
In 2015, 5,250,000 existing homes sold in the U.S according to the National Association of Realtors. 510,000 newly constructed also sold last year.
9% of single men buy their own home, while 16% of all single women become solo homeowners!
The top six sources where buyers first see the home they end up buying are:
- Online website
- Real estate agent
- Mobile website or app
- Mobile search engine
- Yard sign
- Open house
An astounding 76% of buyers visited their home after first finding it on the internet!
84% of all buyers under 33 years old say that buying their home was a good investment.
The typical home buyer searches and writes offers for 10 weeks before getting into escrow.
13% of all homes purchased are for families with multigenerational households.
The top reasons given for buying a multigenerational home include:
24% Cost savings
23% Adult children moving back in
18% Caretaker for aging parents
10% Spending more time with aging parents
The most important qualities of a home for millennial buyers are:
- A quality neighborhood
- Close commute to work
- Close enough to family and friends
- Good school system
First-time homebuyers are younger than ever! In fact, of first time homebuyers:
68% 34 and younger
What’s holding more people back from saving a down payment to buy a house?
50% Credit card debt
46% Student loans
38% Car loans
Where are people buying houses these days?
20% Small town
16% Urban setting
3% Resort town/recreational area
What kind of homes are popular and selling quickly these days? Spanish-style homes! In fact, they’re selling in an average of 47 days on market (1/2 the national average).
Stainless steel appliances are a must if you consider that homes with stainless steel appliances sell an average of 15% faster than those with normal appliances
Homes with a city skyline view sold the fastest, with an average of only 83 days on market.
Good school districts are still valuable when selling a home, considering that they only sit on market an average of 76 days.
Conversely, homes near major medical centers have the least showings and views, sit on the market for the longest time, and sell for lower prices.
Does it really pay to stage your home before selling? The answer is a resounding yes for certain homes in certain price ranges. In fact, 32% of real estate agents say that staging a home increases the dollar value that buyers are willing to offer by 1-5% (which can be tens of thousands of dollars on nice homes!).
And 16% of agents believe staging actually will increase the price their buyers offer by 6-10% which would be up to $30k on a $300,000 home.
Research shows that it’s most beneficial (and profitable) to stage the:
- Living room
- Master bedroom
- Dining room
81% of buyers say it’s easier to visualize themselves living in the home when it’s staged, and 28% overlook the home’s faults when it’s staged.
Statistics prove that using a Realtor to sell your home nets you 25% more than For Sale By Owner.
According to the National Association of Realtors, 26% of recent homebuyers said that the mortgage process was “more difficult than expected.”
There are approximately 5.6 million commercial buildings in the United States, adding up to 87.4 billion square feet of square footage!
There are about 115 million occupied housing units in the U.S..
65.2% of those are primary residences (owner occupied).
These days, 87% of buyers purchased their home through a real estate agent or broker, as did 89% of sellers, which is up from just 69% in 2001.
78% of home buyers say that neighborhood quality is more important than a home with more square footage. 57% would also give up some yard for a shorter commute.
53% of home buyers did some sort of home improvement project within 3 months of buying, spending an average of $4,550.
Once they sell their home, the average homeowner moves a median distance of 20 miles to their next home.
60% of home buyers or sellers found their real estate agent through a recommendation from a friend, neighbor or co-worker, and 83% said they were likely to use that Realtor again or recommend them as well!
I’d love to be the real estate agent that you use next or recommend to your friends! I appreciate the opportunity to earn your trust and business, so please contact me if you have any questions or are considering making a move!