Knowing how most people actually buy homes can help you plan your own search. Recent data shows 89 percent of home purchases were made through real estate agents or brokers, up from 86 percent the year before.
Five percent of buyers bought directly from builders or their agents, and six percent bought directly from the previous owner. Looking back, the split used to be different: in 1981, 82 percent of buyers used an agent, 8 percent bought direct from builders or their agents, and 10 percent bought directly from previous owners.
Buyers and sellers keep using real estate agents like myself because they want good representation. Sellers want top dollar for their property, and buyers want someone experienced negotiating on their side. Most people aren’t experienced in real estate, and going up against someone who is can get expensive fast.
New construction breaks down a bit differently — 37 percent of new home buyers bought directly from the builder or the builder’s agent, which makes sense given how those transactions typically work. Among household types, unmarried couples were the most likely to use an agent or broker, at 91 percent.
These numbers point to one thing: most buyers still want a professional in their corner, especially with how much there is to track during a purchase. Working with an experienced agent tends to make the process smoother and gives you access to more listings and information than going it alone.
Markets shift, but the pattern holds — most buyers still choose to work with an agent, and it’s worth understanding why before you start your own search.
For more information or if you would lke to talk about your real estate needs, feel free to reach out to me, Robbie English REALTOR and Broker at Uncommon Realty.
Source: National Association of REALTORS housing trends discussed in the ‘Profile of a Home Buyer and Seller’
