Buyers Vs Sellers

SELLERS• Today’s sellers are most often members of Generation X (38 percent), and the majority (63 percent of all sellers) are listing a home for the first time. • Those listing a home for sale commonly had a recent job change or promotion (26 percent), a shift in financial circumstances (24 percent), retirement (16 percent) or another life change, such as the birth of a child, marriage, divorce, or becoming an empty nester. • Most sellers are trading their homes for one they see as an upgrade, seeking a median of 100 more square feet and a home that costs an average of 11 percent more. •

Sellers’ top regret was that they didn’t take more time to prepare for a sale (30 percent). Women consider selling for an average of 5.9 months before listing; men consider it for 4.6 months. • Eighty-eight percent of sellers use an agent to sell their home, and the majority (69 percent) of sellers who use an agent elect to bring them on board at the beginning of the process. • Unlike buyers, Millennial sellers are just as likely as older generations to use an agent for a sale. However, Millennials are more likely than older generations to use online resources in their sale as well. • Sellers look to their agents most often for pricing help (50 percent) and contract negotiation (35 percent). Millennials tend to rely on their agent for legal advice and determining the best time to list their home for sale. • Eighty-three percent of sellers make home renovations before listing. The most common improvements are painting (45 percent) and renovating the bathrooms (31 percent). • When marketing their homes, Millennials are more likely than older sellers to use video footage (29 percent) and promote their listing on social media (28 percent). • In the time it takes to sell—2.8 months on average—two-thirds of sellers (66 percent) elect to change their listing price at least once. Thirty-nine percent changed the listing price of their home two or more times.

BUYERS• Half (50 percent) of today’s home buyers are under the age of 36, and 47 percent are first-time buyers. Solo home buyers are in the minority; most buyers are shopping with a spouse or partner (73 percent). • Eighty-three percent of buyers are shopping for a single-family house. Their top considerations are affordability and being in a safe neighborhood. • Fifty-two percent of buyers consider renting while they’re shopping for a home—a number that’s even higher among younger buyers. • Seventy-five percent of buyers hire a real estate agent during the buying process. • Across all generations, almost nine out of 10 buyers (87 percent) use an online resource at some point in their search for a home to buy. • Millennial home buyers share many concerns and preferences with their grandparents’ generation, both choosing homes with shared community amenities and considering townhouses at higher rates than those ages 35-49. However, Millennials’ home-buying process is significantly different from their grandparents' process. • Millennial home buyers wait longer to buy a first home than previous generations.i The modern-day “starter home” is nearly as large as the median home for “move-up” buyers, and costs about 18 percent less. • Millennial home buyers undertake far more social home searches, seeking input from friends, relatives and neighbors 58 percent of the time, versus the Silent Generation, who poll friends just 37 percent of the time. • More than a quarter (26 percent) of buyers find an agent online. A third (33 percent) find an agent through a personal referral. • Millennials scrutinize more agents, asking friends and family about their experiences with agents and reading online reviews more than other generations. • When it comes to choosing an agent, Millennials and other generations share their top priority: a sense that an agent is trustworthy and responsive to their needs. • The average shopper goes on seven home tours, and while they may incorporate online research, they tend to be hands-on at decision time, preferring to meet an agent in person or talk on the phone, and prioritizing private tours of homes led by a professional. • Only 46 percent of buyers get the first home on which they make an offer, reflecting the reality that in today’s tight market, the search—which takes an average of 4.2 months— comes with competition and disappointment. • Over half of buyers (56 percent) save up for a down payment by setting aside a little money at a time. Almost a third (32 percent) use more than one source for their down payment, including gifts and loans from family, selling stocks and bonds, and cashing in retirement savings.