Most buyers search for homes online…and use a real estate agent.
The National Association of Realtors’ survey showed that the Internet (95%) and real estate agents (89%) are the top two sources of information when it comes to the purchase and sale of real estate.
The survey also showed that a whopping 87% of buyers purchased their home through a real estate agent as compared to 88% in 2016.
The report showed an overwhelming majority, 88% of those who found the home they purchased online, closed on it through the help of an agent.
Buyers also relied upon agents to help negotiate the terms of the sale.
Buyers also depended upon agents for:
■ Understanding the buying process (83%)
■ Discovery of other comparable properties (60%)
■ Pointing out unnoticed property features or faults (60%)
■ Negotiating better sales terms (51%)
■ Making their first purchase
■ Understanding the buying process (83%)
■ Discovery of other comparable properties (60%)
■ Pointing out unnoticed property features or faults (60%)
■ Negotiating better sales terms (51%)
■ Making their first purchase
The percent share of buyers trading up increased for the third straight year, rising to 52% from 46% in 2016
The typical seller over the past year was 55 years old, had a higher household income ($103,300) than last year ($100,700) and was in the home for 10 years before selling – matching the all-time high set both in 2014 and a year ago. Prior to 2009, sellers consistently lived in their home for a median of six years before selling.
Sellers
■ Sellers realized a median equity gain of $47,500 ($43,100 in 2016) – a 26% increase.
■ Homes sold after 21 years of ownership had the largest equity gain (104%).
■ Homes purchased six or seven years ago saw a larger return (27%) than those who purchased between eight and 15 years ago (14% to 18%).
■ Sellers’ use of a real estate agent this year remained at 89%
■ Sellers realized a median equity gain of $47,500 ($43,100 in 2016) – a 26% increase.
■ Homes sold after 21 years of ownership had the largest equity gain (104%).
■ Homes purchased six or seven years ago saw a larger return (27%) than those who purchased between eight and 15 years ago (14% to 18%).
■ Sellers’ use of a real estate agent this year remained at 89%
ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.