An annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into their home buying experience. NAR has administered the survey since 1981 and to mark the 35th year of publication, the report highlights key trends in home buyer and seller behavior that has changed or stayed the same over the decades with historical trend line data.
Data is collected from a nationally representative sample of recent home buyers who purchased a primary residence in the 12-month period between July and June. Data is also representative of the geographic distribution of home sales. Consumer names are obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records.
Highlights from the 2016 Profile of Home Buyers and Sellers
- At 31 percent, the primary reason for purchasing a home was the desire to own a home of their own.
- First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent.
- Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker.
- Eighty-eight percent of buyers would use their agent again or recommend their agent to others.
- Only eight percent of recent home sales were FSBO sales again this year. For the second year, this is the lowest share recorded since this report started in 1981.
Read more at Realtor.org