The recently released National Association of Realtors (NAR) Profile of Home Buyers and Sellers 2013 yielded a variety of interesting facts about the home selling process.
Characteristic Highlights of the Home Selling Process
- Almost half of home sellers traded up to a larger size and higher priced home and 59 percent purchased a newer home.
- The typical seller lived in their home for nine years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only six years.
- Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
- Recent sellers typically sold their homes for 97 percent of the listing price, and 47 percent reported they reduced the asking price at least once.
- Thirteen percent of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.
- Thirty-six percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.