U.S. home sellers definitely see the value in having a professional help them through a real estate transaction, despite the rise of technology and a market driven in many cases by lack of inventory.
The report on Inman News (login required) is based on research by the National Association of REALTORS®, which shows for the second year in a row 89 percent of those selling homes used a real estate agent. The data is from the 2016 Profile of Home Buyers and Sellers” issued by NAR today. (Highlights are here.) Only eight percent of sales were FSBOs (For Sale by Owner), according to the report, the second year such transactions have been at the level.
Another finding: “A record eighty-three percent of recent home-sellers worked with an agent who provides a ‘broad range of services and management of most aspects of a home sale.'”
FSBOs sell for far less than the selling price of other homes, according to the report. FSBO homes sold for a median of $185,000, which is significantly lower than the $245,000 for agent-assisted transactions.
Other highlights from the report:
- First-time buyers made up 35 percent of all home buyers, up from 32 percent last year.
- 11 percent of buyers purchased a multi-generational home.
- 14 percent of home purchases were for new construction.
- The typical home bought in 2016 was a 1,900-square-foot three-bedroom, two-bath dwelling built in 1991.
- 42 percent of buyers found their agent through a referral from someone they knew, and 11 percent used an agent they had worked with in the past.