How do Americans buy & sell their homes?

Some interesting insights on how Americans Buy and Sell their homes according to the Zillow Group Report on Consumer Housing Trends 2017:

SELLERS

  1. 60% of Sellers live in their home for at least a decade before selling, with nearly 25% owning their home for more than two decades before selling.

  2. Millennials make up almost 33% of Sellers.

  3. 61% of Sellers are selling for the first time, and 71% are simultaneously looking to buy a home.

  4. 89% of Sellers list with an agent and 36% attempt to sell their homes on their own, although only 11% of Sellers sold their homes without an agent.

  5. 76% of Sellers make at least one compromise to sell their homes, with 34% of them saying their concession was lowering the sales price.

  6. 50% of Sellers end up selling their home for less than the list price.

BUYERS

  1. 71% of Buyers want their home to be in a safe neighborhood and 67% want them within their desired price range.

  2. Over 52% of Buyers consider new construction homes, and nearly 33% consider other types of nontraditional for-sale homes, 36% foreclosures and 34% short-sale homes.

  3. Buyers take 4.3 months on average searching for their home, with Millennials taking the least amount of time at 3.9 months, and their grandparents in the Silent Generation taking the longest at 5.6 months.

  4. 79% of Buyers rely on online tools and 74% of buyers rely on agents to find their homes. 53% typically reach out to only one agent.

  5. 57% of Buyers are staying put and purchasing homes in the same city.

  6. 49% of Buyers purchase a home in the suburbs, followed by urban 31%, and rural 19%.

  7. 29% of Buyers go over budget, with urbanites the most likely to go over – 42% vs. 25% of suburban and 20% of rural home Buyers.

  8. 24% of Buyers financing their home with cash are more likely to have a household income of less than $25,000.

  9. 80% of Millennial and 84% of Generation X Buyers are most likely to obtain mortgages.

  10. 24% of Buyers put 20% down on their home, with an additional 21% of Buyers putting more than 20% down.

Content credit to Zillow Group.

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