Fewer home sellers and buyers are opting to navigate their home sale or purchase on their own, according to the National Association of REALTORS®’ 2015 Profile of Home Buyers and Sellers report. Nearly 90 percent of respondents surveyed say they worked with a real estate agent to buy or sell a home.
That has pushed for-sale-by-owner transactions to the lowest share ever, according to the survey.
Eighty-nine percent of sellers said they sold their home with an agent, while for-sale-by-owner sales only accounted for about 8 percent of transactions (down from 9 percent the last three years).
“Although the Internet and digital technology have created several channels for sellers to market their listings to a wider cast of potential buyers, the preference to use a REALTOR® to sell a home has never been stronger,” says Chris Polychron, NAR’s president.
The majority of home buyers reported that the Internet was their first step in their home search. Still, 88 percent of buyers who searched for homes online ended up purchasing through a real estate agent.
“Although buyers between the ages of 18-24 were the most likely to use an agent (90 percent), over 85 percent of buyers in each of the other age categories also used an agent during their home search,” Polychron says. “With tight inventory conditions leading to stiff competition in several parts of the country and what’s found online sometimes not entirely accurate, buyers are turning to REALTORS® for expert advice and assistance in navigating today’s fast-moving housing market.”
The home search resources that are gaining the most popularity lately are mobile and tablet applications, increasing from 45 percent in 2013 to 61 percent use among buyers this year.
Source: National Association of REALTORS®