From the The National Association of Realtors® 2010 Profile of Home Buyers and Sellers – Here are a few highlights on sellers from the report.
- The typical seller lived in their home eight years before selling.
- Eight-eight percent of sellers were assisted by a real estate agent when selling their home.
- Forty-four percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.
- Eighty-six percent of sellers were at least somewhat satisfied with their selling experience.
- Forty-one percent of sellers who used a real estate agent found their agents through a referral from friends or family and 23 percent used the agent they worked with previously to buy or sell a home.
- Ninety-one percent of sellers reported that their home was listed or advertised on the internet and topped the methods used to market the home. Social networking of properties rose from 2 to 5 percent, while print newspaper ad use among sellers using an agent declined from 37 to 28 percent.
- The share of home sellers who sold their home without the assistance of a real estate agent was 9 percent. More than fifty percent of them knew the buyer prior to the home purchase.
- Twenty-three percent of For Sale By Owner (FSBO) sellers reported getting the price right was the most difficult task, while eighteen percent reported preparing or fixing up the home for sale was their most difficult task.
- One in five FSBO home sales transactions is a mobile or manufactured home.
- Eight-one percent of all sellers sold a detached single family home. Recent sellers typically sold their homes for 96 percent of the listing price and 57 percent reported they reduced the asking price at least once.
Charles Kraus, Associate Broker Coldwell Banker Residential Brokerage Annapolis, MD