(Image courtesy Burst)
A new report recently released by the National Association of Realtors confirms that homes in the U.S. are selling faster than ever. This means that it’s true — American buyers are having to decide and take action quickly to make a deal on a home.
Between July 2020 and June 2021, the average listing stayed on the market for just one week before going into contract. The year before, the average was three weeks. Based on data all the way back to 1989, this marks a record low!
Now, the competitive housing market has been great for homeowners looking to move. A majority of sellers relished in the seller’s market boon as they were generally able to get their full asking price. In fact, 35% of homes sold above ask, and they didn’t even have to offer additional incentives to get more for their properties.
And we know that for those looking to buy a home, the market has been considerably harder on them. But these statistics aren’t exactly surprising.
Other interesting nuggets to come out of the annual report, the 2021 Profile of Home Buyers and Sellers – now in its 40th year – are analyses of demographics, preferences, and experiences of buyers and sellers across America.
Here are some of those insights that LIST WITH ELIZABETH® found particularly interesting from the National Association of Realtors Report
People Are Moving to be Closer to Family and Friends
People didn’t just move for more space, for affordability, or to be closer to a job or economic opportunity in 2021. A key factor for moving was the desire to live closer to family and friends. And while COVID-19 accelerated this, it’s actually a trend that has been increasing in recent years.
First-Time Homebuyers are Increasing
The share of first-time homebuyers jumped from 31% to 34% in 2021, the biggest increase since 2017. While the typical first-time buyer’s age stayed the same — 33 years old – the report indicated that owners are tending to stay in their homes a little longer.
Women Are Buying Their Own Homes
The share of single women buyers increased to 19% from a recent low of 15% in 2014.
Buyers and Sellers Alike Typically Turn to an Agent
Buyers and sellers are increasingly taking advantage of online opportunities in their preliminary home buying or selling searches, but they eventually turn to a real estate agent or broker to assist in their actual home transaction.
The National Association of Realtors report found that 41% of recent buyers said they initially looked online for properties as their first step in the process, but then 87% of buyers purchased their residence through an agent or broker. On the seller’s side, a full 90% worked with an agent to sell their home.
This is surely because real estate agents have a wealth of knowledge about the real estate market that they can share with buyers and sellers to save time, effort, and frustration. The best ones are skilled in accurately determining the value of a home, marketing, negotiating, and closing a sale to your advantage, and they will do everything necessary to help you through the home selling or buying process.
Referrals are Important (for Buying and Selling)
Forty-seven percent of buyers said the agent they used was referred by a friend, neighbor, or relative, and 13% used an agent that they had already worked with on a past transaction. For home sellers, on the other hand, 68% said they found their agent through a referral or had previously used the same agent to buy or sell a home.
Because referrals are increasingly important, and attitude and integrity are among the most important factors in considering an agent, LIST WITH ELIZABETH® takes pride in having a team of agents that have a reputation for honesty, trustworthiness, service, and professionalism.
We’ve learned a lot from the latest National Association of Realtors report, and we want buying or selling your home to be the best experience you can imagine. Contact LIST WITH ELIZABETH® for testimonials or to hear more about our strong connection to the Springfield, Burke, and surrounding communities.