2017 NAR Home Seller Profile & Infographic - National Association of Realtors
Quick look at what has been happening with Sellers in 2017
(from the 2017 Home Seller Profile)
- 11% of Sellers did it on their own – no real estate agent involved (at least on the Sell side)
- 48% of Sellers Down-Sized or made a lateral move!
- The typical Seller walked away with a check for $47,500 at closing.
- Average time before selling – 10 years.
- Move distance – less than 20 miles.
Time in home – all time high
The 2017 NAR Home Seller Profile brought us a few “all-time” highs in 2017. First, homeowners are finally selling after being in their homes for more than 10 years. Believe it or not, 10 years is a very long time and that number typically fluctuated between 5 and 7 years as an average. Percentage wise, 10 years is a 43% to 100% increase over the “norm”.
Problem was, 10 years ago is when “..it” all hit the preverbal fan. For all intents and purposes, most homeowners who purchased in the last 15 years, have been in a negative equity position, until now.
Using an Agent – all time high
Our second all-time high was a noticeable increase in the percentage of home owners – 89% – who used a Real Estate Agent to facilitate the sale of their home. Typically, this number has fluctuated in the 85% – 87% range for many years.
Cash in Pocket
Another noteworthy metrics; the typical Seller walked away with – or more likely, put it towards their new home – a check for almost $50,000 bucks. Again, referring to our first paragraph, the word “Equity” has pretty much been non-existent for the last 10 years.
Moving on up
Here’s a stat I found interesting; 52% of Sellers purchased a larger home. Given a “margin of error”, there is almost an even split of Sellers who bought bigger and Sellers who Down-Sized or made a lateral move. One thing to note here; a Down-Sizing or Lateral move does not necessarily mean a less-expensive home.
However, as you segregate the data, Seller who were younger than 51 purchased more expensive homes, while older Sellers tended to purchase less expensive homes.
Real Estate is local
One statistic that has remained constant over the years is distance moved. The NAR Home Seller Profile for 2017 has the average move distance at 18 miles.
Breaking this down further, older sellers, over 62, moved the greatest distance at 36 miles. While, the under 50 crowd moved less than 15 miles.