According to the NAR 2013 Profile of Homebuyers and Sellers, almost half of home sellers last year “upsized” to a larger, more expensive home, and 59% bought a newer home. The report finds that the typical home seller had lived in their home for nine years last year, up from the typical tenure in 2007 of just six years.
REALTORS still play a huge role in the home sale and purchase process. 88% of sellers were assisted by a real estate agent when selling their home last year. Recent sellers typically sold their homes for 97% of the listing price, but 47% reported they reduced the asking price at least once.
Homeowners who were underwater on their mortgages (13%) said they had to delay selling their home. Meanwhile, 36% of sellers offered incentives to attract buyers, such as assistance with home warranty policies and closing costs.
Please feel free to call me to learn more about the home buying process! (805) 339-3591.
