The National Association of Realtors has administered the Profile of Home Buyers and Sellers since 1981. The 2016 survey contained 132 questions; the data collected describes the demographic characteristics of home buyers and sellers, experience in the home buying transaction process, and market characteristics. Data is collected from a nationally representative sample of recent home buyers who purchased a primary residence from June 2015 to July 2016.
Highlights of sellers and their selling experience. Click here for the complete NAR 2016-profile-of-home-buyers-and-sellers-10-31-2016.
- The typical seller was 54 years old with a median household income of $100,700.
- 18% of sellers said that the reason for selling their home was that it was too small.
- 89% of sellers worked with a real estate agent to sell their home.
- Sold homes were on the market for a median of 4 weeks.
- 64% of sellers found their Realtor through a friend, neighbor, or relative referral.
- 92% of sellers listed their homes on the MLS, which is the primary source for sellers to list their home.
- 85% said they would definitely recommend their agent for future services.
- Only 8% of home sales were FSBO sales. For the second year, this is the lowest share since 1981.
- FSBOs sold for a median price of $185,000, which is significantly lower than the agent-assisted median price of $245,000.