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Many real estate professionals have their niche and specialty. In fact, for REALTORS® who have been in the business for 16 years or more, 43% of their business is repeat business from past consumers or clients, and 30% is through referrals from past clients. Some may find themselves working with international clients; some become experts in helping first-time buyers seek down payment assistance programs; some may specialize in selling new homes.
In 2023, new single-family home sales were up 4.2%, while existing-home sales were down 18.7%. In 2024, sales of new and existing single-family homes are expected to rise, as are new housing starts. While current homeowners may be reticent to move, keeping their homes off the market, potential home buyers may look to newly constructed homes. New home construction is desperately needed in the market as the U.S. has been underbuilding for over a decade.
For buyers of new homes who did purchase in the last year, 61% used a real estate agent or broker to purchase a home because they wanted representation in the buying process. Among the top benefits of using a real estate agent cited by buyers of new homes were: pointing out unnoticed faults and features in the property; helping to understand the buying process; improving the search areas; helping with negotiation; and shortening the search time. Among buyers of new homes who used an agent to purchase the property, nine in 10 would use the agent again or recommend them to others.
For more on the Profile of Home Buyers and Sellers and to find your possible niche, check out https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers.
