Profile of a Home Seller

I recently provided some information on the profile of a home buyer in 2013.  The National Association of Realtors conducted a survey recently to determine characteristics of home buyers and sellers.  Below is a profile of home sellers in 2013.

Characteristics of Home Sellers

• Similar to the demographics of buyers, the demographics of sellers has changed as well. Those who preformed real estate transactions in the last year were older, typically had a lower household income that was seen in previous years, and were more likely to be a married couple than other household compositions.
• The most common reasons for selling on'es home was due to a job relocation, the home being too small, or the desire to be close to friends and family; however, this varies greatly depending on how far the seller is moving.
• 71% of home sellers remain in the same state when they purchase their next home. In fact, home sellers tended to stay relatively close when purchasing a home, only moving 18 miles away!
• 45% of recent sellers purchased a home that was larger than the home they just sold, 27% purchased a home that was about the same size, and 29% traded down to a smaller home. 59% of sellers purchased a newer home than the home they recently sold, 19% purchased an older home and 22% purchased a home that was about the same age.
• 13% of recent sellers stalled or delayed their home sale because their home was worth less than their mortgage. Among these sellers, most chose to live in their home. Those who purchase their home 6 to 10 years ago were most likely to report stalling or waiting to sell the home - approximately 1 in 5 did so.

Home Selling and Real Estate Professionals

• Referral from a friend, neighbor or relative is the most commonly cited method sellers used to find their real estate agent. 39% of sellers used a referral to find their agent, and an additional 25% used an agent they had worked with before.
• The typical seller only contacts one agent during the selling process, further emphasizing the importance of personal relationships in real estate.
• The MLS remained a vital resource for sellers in 2013 with over 85% of sellers listed their homes on the MLS.
• Regardless of the housing market climate, sellers consistently report the top four tasks they want from their agent are: help the seller market the home to potential clients, help price the home competitively, help sell the home within a specific timeframe, and help find a buyer for the home.
• Also consistent with past years are the most important factors that seller look for in choosing a real estate agent to work with. As many sellers use word of mouth to find their agent, the reputation of their agent is on the top of the list as most important factor (35%). Sellers also value the agent's honesty and trustworthiness as an important factor in choosing an agent.

I expect 2014 to again be a year that we see buyers out and sellers still reluctant.  If you have been thinking about selling your home, 2014 may be the right time for you.  As always, please let me know if I an help.