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Home Sellers and Home Selling Process 2013Profile Highlights

home selling processThe 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.