As a professional REALTOR® I wanted to show the true statistics about buying and financing a home and the use of a real estate professional.

Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker, and only eight percent purchased directly from a builder or builder’s agent. Having an agent to help them find the right home was most important to buyers who chose an agent to work with them.

Forty-one percent of buyers used an agent that was referred to them by a friend, neighbor or relative. Nearly seven in ten buyers interviewed only one real estate agent during their home search. And 88 percent of buyers would use their agent again or recommend their agent to others.

Financing the Home Purchase

Eighty-six percent of recent buyers financed their home purchase. Those who financed their home purchase typically financed 90 percent. First-time buyers who financed their home financed 94 percent of their home compared to repeat buyers at 86 percent.

For 60 percent of buyers, the source of their down payment came from their savings. Thirty-eight percent of buyers cited using the proceeds from the sale of a primary residence as the next most commonly reported way of financing a home purchase.

Forty-six percent of buyers saved for their down payment for six months or less. The most difficult step in the home buying process was saving for a down payment, as cited by 13 percent of respondents.

Of buyers who said saving for a down payment was difficult, 51 percent of buyers reported that student loans made saving for a down payment difficult. Forty-seven percent cited credit card debt and 35 percent cited car loans as also making saving for a down payment hard.

Buyers continue to see purchasing a home as a good financial investment. Eighty percent reported they view a home purchase as a good investment.

Home Sellers and Their Selling Experience

The typical home seller was 54 years old, with a median household income of $104,100.

For all sellers, the most commonly cited reason for selling their home was that it was too small (16 percent), followed by a job relocation (14 percent) and the desire to move closer to friends and family (13 percent). Sellers typically lived in their home for nine years before selling, which is down from ten years in last year’s report.

Eighty-nine percent of home sellers worked with a real estate agent to sell their home. For recently sold homes the final sales price was a median 98 percent of the final listing price. Recently sold homes were on the market for a median of four weeks. Thirty-seven percent of all sellers offered incentives to attract buyers.

This year home sellers cited that they sold their homes for a median of $40,000 more than they purchased. Sixty-one percent of sellers were very satisfied with the selling process.

Home Selling and Real Estate Professionals

Ninety-one percent of sellers listed their homes on the Multiple Listing Service (MLS), which is the number one source for sellers to list their home. The typical seller has recommended their agent once since selling their home. Thirty-two percent of sellers recommended their agent three or more times since selling their home. Eighty-four percent said that they would definitely (67 percent) or probably (17 percent) recommend their agent for future services.

For-Sale-by-Owner (FSBO) Sellers

Only eight percent (down from nine percent) of recent home sales were FSBO sales. This is the lowest share recorded since this report started in 1981. The median age for FSBO sellers is 54 years. Seventy-seven percent of FSBO sales were by married couples that have a median income of $104,100.

FSBOs typically sell for less than the selling price of agent-assisted homes; FSBO homes sold at a median of $210,000 significantly lower than the median of all homes at $245,000.

So don’t forget, using a REALTOR® has been proven to be the best way to buy and sell a home. We are professionals at Deon Cannon Realty and we’re here to serve your real estate needs. Call us at (404) 630-2985 and we’ll work with you right now to develop a strong and sensible plan to sell your home or find the one that’s absolutely perfect for you.