The National Association of Realtors surveys home buyers and sellers annually to 2009 home seller survey gathered detailed information about the process. This is a summary of the results gathered for the year 2009. This year’s data provides valuable insight to how buyer and seller demographics have changed based on the shifting market conditions.
Why They Sold
Homeowners polled gave many reasons from “trading up” to relocating but the most frequent answer was job relocation reported by 21% of recent sellers compared to 19% of sellers selling because their home was too small.
82% of sellers were selling a single family home over a townhome or condo type property.
The Sellers Market
Among the most recently sold homes, the sales price had a 95% list price to sale price ratio. This is a reflection of the final sale price compared to the original asking price of the property. The 2008 profile indicated that number at 96%.
In addition before settling on a final listing price 60% of sellers reported that they reduced the asking price at least once during the selling process.
For homes that were listed 17 weeks or longer the final sale price dropped to 90% of asking price showing that even in this market time on market is as important as ever. A home that stays on the market for an extended period of time will typically sell for less money.
Use Of An Agent
85% of sellers in 2009 used a real estate professional and the shift from FSBO (for sale by owner) sales is decreasing in this market from 14% in earlier surveys to 11% in 2009.
Finding An Agent
40% of sellers who used an agent found him or her through a referral. The number items sellers reported wanting most from the real estate professional was pricing their home competitively and finding a buyer for their home.
FSBO (for sale by owner)
Only 11% of sellers in 2009 went it alone. FSBO sold properties however continue to have a lower sale price than those sold by a real estate agent. $172,000 vs. $215,000. The majority of FSBO sellers indicated they sold on their own so they did not have to pay a commission but looking at the average sale price of FSBO compared to an agent sold home that may be a bad idea.
Here are some facts, 18% of FSBO sellers said knowing what to do as far as repairs or fixing items up was difficult without an agent, 15% said pricing their home property was most difficult and only 15% said they would do it again on their own without an agent.
The real estate market has certainly had its ups and downs during the recent times. With the high levels of foreclosures, tax credits, economy and buyers gaining more control com pared to recent years sellers should seek the advice and help of a real state agent now more than ever.
If you are considering a move or need help with a short sale please do not hesitate to contact us anytime.
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