Home buyers and sellers have changed a lot in the last few years. Do you know who your clients are?  The National Association of REALTORS’ annual survey gave us a snapshot of 2019 home buyer and seller trends.

Snapshot of Buyers

• Average age: 47
• Median household income: $93,200
• Living situation: 61% married; 17% single females; 9% single males; 9% unmarried couples
• Demographics: 84% white; 7% Hispanic; 5% Asian; 4% African American; 3% other
• Average length of house hunt: 10 weeks (touring a median of 9 homes)
• Primary reason for purchase: Desire to own a home
• Most common house type purchased: Detached single-family home, 1,850 square feet, three bedrooms, two baths
• Median cost of home purchased: $257,000
• Most common method for finding real estate agent: Referral from friend, neighbor, or relative

Snapshot of Sellers

• Average age: 57
• Median household income: $102,900
• Living situation: 72% married; 16% single females
• Tenure in the home: 10 years (up from 6 years from 2001 to 2008)
• Median length of time on the market: three weeks
• Price sold: Median of 99% of the list price
• Median equity: $60,000 higher than what owner originally paid at purchase
• Incentives for buyers: 34% offered incentives, such as home warranty policies or assistance with closing costs
• Most common method for finding a real estate agent: Referrals from friend, neighbor, or relative, as well as repeat business
• Sellers’ high-priority tasks for agents: Market the home (21%); sell the home within a specific time frame (20%); price the home competitively (19%); help fix the home to prepare it for sale (16%); and find a buyer (13%).

From the NAR’s annual survey of home buyers and sellers, 5 key themes emerged. View our infographic below to see what those key themes are. The NAR has been providing an in-depth analysis of home buyers and sellers since 1981. This year’s report is based on surveys of more than 5,800 consumers.

2019 Home Buyer and Seller Trends That Are Becoming More Prominent Among Your Clients

CoreTitle is a full service title insurance company that prides itself on exceptional service, focusing on the entire customer experience. The CoreTitle team offers extensive knowledge of both residential and commercial transactions, and a variety of other services.

We plan to raise the bar on customer care, while setting new standards for best practices and refine business production because of new technologies. We have direct access to our underwriter which means we can offer you the expertise you deserve. That also means we can resolve any title issues instantly. We’ve stepped away from an antiquated industry to embrace the digital age, because of this we bring you the premier real estate settlement experience.