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For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
- At 31 percent, the primary reason for purchasing a home was the desire to own a home of their own.
- First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent.
- Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker.
- Eighty-eight percent of buyers would use their agent againor recommend their agent to others.
- Only eight percent of recent home sales were FSBO sales again this year. For the second year, this is the lowest share recorded since this report started in 1981.