Are you considering putting your home on the market? Perhaps you’re already amidst the whirlwind of selling your beloved abode. Wherever you stand in your home-selling journey, understanding the current landscape can empower you to navigate the process with confidence and clarity. The National Association of REALTORS’ ‘Profile of a Home Buyer and Seller’ has some interesting statistics that I would like to share with you today to benefit your results when working with me to sell your home.
In 2023, the typical home seller mirrored the age demographic of the previous year, clocking in at a seasoned 60-year-old. This steady trend suggests that selling a home remains a significant decision, often associated with life transitions and milestones. Sixty-three percent of sellers opted to stay within their state boundaries, marking a notable shift from the previous year’s report, where only 24% remained in-state. These sellers traveled a median distance of 35 miles, indicating a preference for proximity to familiar surroundings and community connections. That number of miles has significantly declined because in 2022 sellers moved a median of 90 miles.
Delving into motivations, the desire to be closer to loved ones emerged as the primary impetus for selling, with 23% citing this as their driving force. Additionally, 13% felt compelled to move due to space constraints, while 10% experienced shifts in family dynamics, such as marriages, divorces, or new additions. These insights underscore the deeply personal nature of selling a home, where emotional ties intertwine with practical considerations.
A decade-long tenure emerged as the norm for sellers, with the typical duration of residence resting at 10 years. While this figure remained consistent over seven of the past ten years, a slight deviation occurred in 2021, indicating potential fluctuations influenced by market dynamics and personal circumstances.
Transitioning to housing preferences, 39% of sellers traded up to larger accommodations, while 33% downsized to smaller dwellings. This balanced distribution highlights the diverse needs and aspirations driving individuals to explore new living arrangements. Prior to listing, 48% of sellers undertook minor renovations to enhance their property’s appeal, while 12% embarked on major overhauls, reflecting a commitment to optimizing value and aesthetics.
Navigating the complex real estate terrain often necessitates expert guidance, as evidenced by the 89% of sellers who partnered with a real estate agent. This collaborative approach ensures access to professional insights, strategic marketing, and negotiation prowess, essential elements for achieving optimal outcomes. Alternatively, 7% opted for a FSBO (For Sale By Owner) route, while less than 1% engaged with iBuyer platforms, showcasing diverse pathways tailored to individual preferences.
Turning our gaze to market performance, recently sold homes commanded a median final sales price equivalent to 100% of the listing price, maintaining a robust trajectory observed since 2002. These transactions unfolded swiftly, with properties spending a median of two weeks on the market, mirroring the previous year’s timeline. Furthermore, 92% of sellers expressed satisfaction with their selling experience, underscoring the efficacy of informed decision-making and strategic partnerships in achieving successful outcomes.
Selling a home encompasses a multifaceted journey shaped by personal aspirations, market dynamics, and strategic decision-making. By embracing these insights and leveraging professional expertise, sellers can navigate the real estate landscape with confidence, unlocking the door to new beginnings and exciting opportunities. Of course, it goes without saying that you deserve to have a competent and experienced broker represent you.
If you’re ready to embark on your selling journey or seek expert guidance, don’t hesitate to reach out. Together, we can transform your aspirations into reality, one step at a time.
