November is Homebuyers and Sellers Month. Use these resources to inform your business strategy. Add details to your buyer consultations or listing presentations. Strengthen your onboarding questions for new clients, and build in a stronger follow-up process even after you get to the closing table.
GET TO KNOW THE AVERAGE HOMEBUYER & SELLER
Did you know NAR has a research and reports division that produces and analyzes a wide range of real estate data to help guide your business and your clients? Access to these is a member benefit!
One of these annual reports is the Homebuyers and Sellers report, which looks at the characteristics and demographics of buyers and sellers, as well as their use of real estate professionals during the process. Check out the 2023 report here, and get to know the average buyer and seller below.
Updated 11/5/24: The 2024 Homebuyers and Sellers Report has been released and is available to download here.
Characteristics of Homebuyers
- 32% of homebuyers were first-time homebuyers
- 14% of homebuyers bought multigenerational homes
- The typical age of a first-time homebuyer was 35 years old
- The typical age of a repeat buyer was 58 years old
Characteristics of Home Sellers
- The typical home seller was 60 years old
- The most common reason for selling a home is the desire to move closer to friends and family
- Sellers typically live in their homes for 10 years
Characteristics of Purchased Homes
- 79% of recent buyers bought a detached single-family home
- 60% of buyers cited the quality of the neighborhood as the most important factor in determining location
- Buyers typically purchased a home for 100% of the asking price
The Home Search Process
- 41% of buyers began the homebuying process by looking at properties for sale online
- 90% of buyers found their agent to be a very or somewhat useful information source
- The typical buyer searched for 10 weeks, looked at 7 homes and viewed 4 homes online
How to Explain & Navigate the Buying & Selling Process
NAR Consumer Guides & Chicago resources
Demonstrate your value as a REALTOR® by sharing the following consumer guides with your homebuyers and sellers. These guides explain the new practice changes due to the NAR settlement agreement.
- Listing Agreements
- Fair Housing
- Multiple Listing Services
- Seller Concessions
- Why Am I Being Asked to Sign a Written Buyer Agreement?
- Open Houses and Written Agreements
- REALTORS’® Duty to Put Client Interests Above Their Own
- What Veterans Need to Know About Buying a Home
- Offers of Compensation
- Negotiating Written Buyer Agreements
Also, check out our settlement resources for Chicago REALTOR® members, including new and updated forms & contracts and a resource guide to help navigate these changes.
COURSES TO STRENGTHEN YOUR EXPERTISE ABOUT BUYERS & SELLERS
Our affiliated school, the REALTORS® Real Estate School, hosts two designations, one focusing on buyers and the other on sellers. These industry-recognized designations are thorough and foundational for anyone new to the industry or looking for a refresher!
- Accredited Buyer’s Representative Designation: Take the course for free in 2024!
- Seller Representative Specialist Designation
RESOURCES FOR EVERY STEP OF THE HOMEOWNERSHIP JOURNEY: BUYSELLOWNCHICAGO.COM
A vital part of creating a healthy housing market is empowering homebuyers, sellers and owners to be as well-informed as possible. BuySellOwnChicago.com, our consumer-facing website, allows you to do just that; it gives you the tools and content you need to be a trusted advisor for your clients, housing all the information they may need for every step of the process.
Share these with your clients
Common questions during the transaction are broken down into easily consumable material, from articles to infographics and a variety of other shareable content. The site is organized into four areas: Buying, Selling, Owning and Community.
Check out what’s available on the site and start sharing the content with your clients!
Additional HOMEBUYING & SELLING RESOURCES
Looking for other resources to read related to homebuying and selling? We’ve got you covered!
- A Guide to Short Sales & Foreclosure Transactions
- Hit a Listing Home Run
- How to Navigate Multiple Offers
- Nine Ways to Be Your Clients’ Best Resource and Take Your Listings to the Next Level
- Your Guide to Homeownership Assistance Grants, Loans & Programs
- 4 Steps to Successfully Navigate a Listing from Beginning to End
- How To Be A Partner During The Appraisal Process