Homeowners are staying in their existing homes a lot longer than they used to! In 2007, the typical home seller lived in their home for only six years. The median tenure has increased in recent years and now the typical seller lived in their home for 10 years!
This is just one of the interesting but important tidbits you can discover about home sellers in the just released Buyer and Seller report from the National Association of Realtors. Other important points to ponder:
Seventeen percent of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.
Thirty-six percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.
Recent sellers typically sold their homes for 97 percent of the listing price, and 45 percent reported they reduced the initial asking price at least once.
Forty percent of home sellers traded up to a larger sized home, 47 percent purchased a more expensive home, and 53 percent purchased a newer home.
Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
Thirty-eight percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 22 percent used the agent they worked with previously to buy or sell a home.
Among recent sellers who used an agent, 83 percent reported they would definitely (68 percent) or probably (15 percent) use that real estate agent again or recommend to others.
Seventy percent of home sellers only contacted one agent before selecting the one to assist with their home sale.
Ninety-one percent of sellers reported that their home was listed or advertised on the multiple listing (MLS) website.
And what about those for sale by owners that seem to be popping up every where?
The share of home sellers who sold their home without the assistance of a real estate agent was nine percent.
FSBOs typically have a lower median selling price:$208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13 percent higher sales price than the typical FSBO sale.
Once again if you read carefully you will find some interesting facts that can help you adjust your practices and services to better accommodate the clients we are all striving to service.
All Star Coaching thought for today: Sometimes your opportunities will be disguised as problems; it’s up to you to convert them!