Navigating the world of real estate can be a complex and often overwhelming experience, whether you're buying your first home or selling a long-time residence. As the real estate market evolves, so do the motivations, needs, and preferences of buyers and sellers across generations. In light of recent updates to real estate practices, working with a Realtor® has become even more advantageous for buyers and sellers alike. Realtors® are committed to greater transparency in pricing and can help clients understand how every aspect of their transaction is structured. With updated practices designed to prioritize the client’s interests, Realtors® continue to provide valuable market knowledge and negotiation expertise, ensuring buyers and sellers get the best possible results. These changes have reinforced Realtors®' dedication to professionalism, making them essential partners in navigating the real estate process confidently and effectively.
This comprehensive study offers key insights into the behaviors and priorities of home buyers and sellers, revealing valuable information about the benefits of working with a Realtor®. The report highlights the diverse, generation-specific reasons for engaging with a Realtor®, emphasizing the critical role that expert knowledge and experience play in making real estate transactions smoother and more successful. Whether you’re buying or selling, a Realtor® can provide the guidance and support needed to navigate each step of the process. To request a copy of this report, please reach out to me using my contact information provided at the end of this article.
What Sellers want from their Realtor®:
22 percent Help sell the home within specific time frame
21 percent Help price home competitively
20 percent Help seller market the home to potential buyers
14 percent Help seller find ways to fix up home to sell for more $
11 percent Help find a buyer for home
6 percent Help with negotiation and dealing with buyers
3 percent Help with paperwork/inspections/process
How long Sellers own home before selling:
1 year or less 2 percent
2-3 years 12 percent
4-5 years 14 percent
6-7 years 12 percent
8-10 years 12 percent
11-15 years 12 percent
16-20 years 11 percent
Younger Boomers made up one of the largest shares of home sellers at 26 percent and had a median age of 64 years. Gen Xers made up the second largest share of sellers at 23 percent with a median age of 52 years.
Across all age groups, 89 percent of home sellers chose to work with a real estate agent to sell their homes.
The top reason for selling a home among all sellers was to move closer to friends and family at 23 percent. This was followed by the home being too small at 13 percent, and a change in family situation at 10 percent. Older generations were more inclined to move closer to family or friends, while younger generations were more likely to seek a larger home.
Sellers typically lived in their homes for 10 years before selling. Younger Millennials stayed in their homes for 4 years, compared to 15 years for sellers 59 and older.
Benefits of using a Realtor® for Buyer:
61 percent Help understand the process of either buying or selling
58 percent Pointed out unnoticed features/faults with property
46 percent Negotiated better sales contract terms
46 percent Provided a better list of service providers
45 percent Improves knowledge of areas and comparables
33 percent Negotiated a better price
29 percent Shortened buyer’s home search
23 percent Provided better list of mortgage lenders
What Buyer’s want from their Realtor®:
50 percent Help finding the right home to purchase
12 percent Help negotiating the terms of sale
11 percent Help with price negotiations
7 percent Determine what the comparables are for the property
7 percent Help with paperwork
Across all generations, the first step in the home buying process is typically searching online for properties. The use of the internet in home buying is closely linked to age, with younger buyers more likely to rely on online resources throughout the entire purchasing process.
Buyers typically searched for 10 weeks and looked at a median of seven homes. The length of the home search was the longest for Gen Xers, at 11 weeks, and shortest for the Silent Generation, at just 6 weeks.
For more than half of home buyers, the most difficult step in the home buying process was finding the right property at 59 percent. This was even higher for Younger Millennials at 64 percent. Photos were the most useful website feature for nearly nine in 10 buyers aged 58 and under. Detailed information about properties for sale was also very important to all age groups.
As I have said before, please call a local REALTOR for all your real estate needs no matter how big or small. We are trained professionals here to make your life easier. It's best to surround yourself with the right team of professionals that can continuously give you the right advice for all your circumstances.
Lisa DiBiase, Broker and Owner of Landing Real Estate, represents buyers and sellers throughout Greater Portland and surrounding areas. For all your real estate needs, contact Lisa at lisa@landinghomesmaine.com or call 207-653-0823. <
