NAR®, the National Association of Realtors did their annual survey of recent home buyers and sellers who completed a transaction between July 2022 and July 2023. The report provides the industry professionals to gain insight into detailed buying and selling behavior.
Below are a few stats that I found interesting.
- The median distance between new home and previous home was 20 miles and last year was 50 miles. (I wonder what the median distance for the year of 2021 was. I felt like in the past few years we, Property Specific Realty, had a tremendous amount of relocation from other states.)
- 60% of buyers cited the quality of the neighborhood as most important factor in determining the location. Convenience to family, friends and overall affordability cited 45% and 39%.
- 14% of home buyers purchased a multigenerational home, to take care of aging parents, for cost savings, and because of children or relatives over the age of 18 are moving back into the home. (This has been increasingly popular. Many buyers would like to have at least a bedroom and full bath on the main floor for when parents visit. I don’t consider this a “multigenerational” home but it is becoming a requirement for many buyers.)
- 59% of buyers said finding the right home was the most difficult task.
- 43% of buyers used an agent that was referred to them by a friend, neighbor or relative.
- 13% used an agent that they have used in the past.
- Sellers typically live in their home for 10 years before they sell.
- 65% of sellers found their agent through a referral of family, friend or relative.
Here is the article if you’d like to read through it. 2023 Profile of Home Buyers and Sellers
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