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1、2023Home Buyers and Sellers Generational Trends ReportNational Association of REALTORS Research Group2023 NAR Leadership TeamKENNY PARCELL,ABR,AHWD,CRS,C2EX PresidentTRACY KASPER,AHWD,C2EX,CIPS,CRS,GRI,SFRPresident-ElectKEVIN SEARS,AHWD,C2EXFirst Vice PresidentGREGORY J.HRABCAK,CCIM,C2EXTreasurerLES
2、LIE ROUDA SMITH,ABR,AHWD,C2EX,CIPS,CRB,CRS,E-PRO,PMNImmediate Past PresidentJENNIFER WAUHOB,ABR,C2EX,GRIVice President of Association AffairsPETE KOPF,AHWD,C2EXVice President of AdvocacyBOB GOLDBERGChief Executive Officer22023 NAR Home Buyers and Sellers Generational TrendsNAR Research Staff3Lawrenc
3、e Yun,Ph.D.Chief Economist and Senior Vice PresidentJessica Lautz,Dr.of Real EstateDeputy Chief Economist and Vice President,Research Brandi SnowdenDirector,Member and Consumer Survey ResearchMeredith DunnResearch ManagerMatt ChristophersonSenior Research Survey AnalystSidnee HolmesResearch Associat
4、e2023 NAR Home Buyers and Sellers Generational TrendsTable of Contents42023 Home Buyers and Sellers Generational Trends ReportIntroductionIntroduction5 5Chapter 1:Characteristics of Home BuyersChapter 1:Characteristics of Home Buyers1010Chapter 2:Characteristics of Homes Purchased Chapter 2:Characte
5、ristics of Homes Purchased 3030Chapter 3:The Home Search Process Chapter 3:The Home Search Process 4646Chapter 4:Home Buying and Real Estate ProfessionalsChapter 4:Home Buying and Real Estate Professionals5959Chapter 5:Financing the Home Purchase Chapter 5:Financing the Home Purchase 7777Chapter 6:H
6、ome Sellers and Their Selling ExperienceChapter 6:Home Sellers and Their Selling Experience9494Chapter 7:Home Selling and Real Estate ProfessionalsChapter 7:Home Selling and Real Estate Professionals120120MethodologyMethodology1351352023 NAR Home Buyers and Sellers Generational TrendsIntroduction520
7、23 Home Buyers and Sellers Generational Trends ReportAGE OF HOME BUYERS&SELLERSSilent GenerationSilent Generation1925-1945Older BoomersOlder Boomers1946-1954Younger BoomersYounger BoomersGen XGen X1965-1979Younger Gen Y/Younger Gen Y/MillennialsMillennials1990-1998Older Gen Y/Older Gen
8、Y/Millennials:Millennials: NAR Home Buyers and Sellers Generational Trends2023Gen ZGen Z1999 to 2004SHARE OF BUYERS AND SELLERS BY GENERATION72023 NAR Home Buyers and Sellers Generational Trends7%23%30%20%12%6%3%4%16%23%24%16%12%4%5%10%15%20%25%30%35%Silent Generation:Older Boomers:You
9、nger Boomers:Gen Xers:Older Gen Y/Millennials:Younger Gen Y/Millennials:Gen Zers:BuyersSellersIntroductionSince 2013,the National Association of REALTORS has produced the Home Buyers and Sellers Generational Trends Report.Home Buyers and Sellers Generational Trends Report.This report provides insigh
10、ts into differences and similarities across generations of home buyers and sellers.The home buyer and seller data is taken from the annual Profile of Home Buyers and Sellers.This year,the share of Gen Z Gen Z aged 18 to 23 18 to 23 made up four percent of buyers and three percent of sellers.The shar
11、e is a slight increase from last years report.They purchased homes on the lowest median household income of$50,400 and purchased the smallest properties(under 1,500 square feet).Notably,30 percent of Gen Z buyers moved directly from their family members home into homeownership.A location that was co
12、nvenient to friends/family was most important to this group when buying a home.From the 2014 to 2022 report,Millennials had been the biggest share of buyers.However,the share declined this year.Millennial buyers 24 to 32 years(Younger Millennials)buyers 24 to 32 years(Younger Millennials)and buyers
13、33 to 42 years(Older Millennials)buyers 33 to 42 years(Older Millennials)are 28 percent of all buyers:Older Millennials at 16 percent and Younger Millennials at 12 percent of the share of home buyers.Seventy percent of Younger Millennials and 46 percent of Older Millennials were first-time home buye
14、rs,more than other age groups.Older Millennials had one of the highest shares of married couples(66 percent),while Younger Millennials had the highest share of unmarried couples(20 percent)buying homes.Younger Millennials were the most educated age group,with 80 percent holding at least an associate
15、s degree,followed by Older Millennials.When considering location,convenience to job was most important to this group,in comparison to others,when buying a home.Buyers 43 to 57(Gen Xers)Buyers 43 to 57(Gen Xers)comprised 24 percent of recent home buyers.This group remains the highest-earning home buy
16、er group,with a median income of$114,300 in 2021.Gen X buyers were the second most likely to purchase a multi-generational home at 17 percent.When looking at the reason to purchase a home,they were more likely in comparison to other ages to purchase for the desire to be closer to job/school/transit
17、or for a job relocation or move.Buyers 43 to 57 years remain the most racially and ethnically diverse population of home buyers,with 23 percent identifying they were a race other than White/Caucasian.For the report,buyers 58 to 67(Younger Baby Boomers)buyers 58 to 67(Younger Baby Boomers)and buyers
18、68 to buyers 68 to 76(Older Baby Boomers)76(Older Baby Boomers)were broken into two separate categories as they have differing demographics and buying behaviors.Buyers 58 to 67 consisted of 23 percent of recent buyers,and buyers 68 to 76 consisted of 16 percent of recent buyers.Baby Boomers purchase
19、d for an array of reasons,primarily the desire to be closer to friends and family due to retirement and the desire for a smaller home.Eighteen percent of Older Boomers purchased a multi-generational home.Older Boomers typically purchased the newest-built homeone that was built in 1996.Baby Boomers e
20、xpect to own their homes for the longest period of time at 20 years.Young Boomers typically moved the furthest distance at a median of 90 miles,while Older Boomers moved a median of 60 miles.82023 NAR Home Buyers and Sellers Generational TrendsIntroductionBuyers 77 to 97(The Silent Generation)Buyers
21、 77 to 97(The Silent Generation)represented the one of the smallest share of buyers at four percent.They were most likely to purchase to be closer to friends and family.Buyers 77 to 97 were most likely to purchase in senior-related housing at 12 percent.They were more likely than others to choose a
22、neighborhood based on convenience to health facilities.This age group also had the highest percentage of military veterans at 41 percent(matching that of Older Boomers).Silent Generation buyers were most likely to note they could move due to a household members health,however,expect to own the home
23、15 years.Buyers continue to finance their home purchases,Buyers continue to finance their home purchases,similar to years past.Seventy-eight percent of home buyers financed their home purchasea share that decreases as the age of the buyer increases.Younger buyers continue to depend on savings for th
24、eir downpayment,while older buyers use proceeds from the sale of their previous residence.Twenty-two percent of Younger Millennials received downpayment help in the form of a gift or a loan from a friend or relative.Older Millennial and Gen X buyers purchases were delayed the longest due to debt at
25、a median of five years.Buyers overall were delayed primarily by student loan debt and high rental costs holding back saving.In fact,35 percent of Younger Millennials reported having student loan debt with a median loan balance of$30,000,compared to 30 percent of Older Millennials with a median of$40
26、,000.While only three percent of Older Boomers had student loan debt with median balance of$9,000.This may be due to not only their personal educational loans but accumulating debt from their childrens education loans.It was most common for buyers to cut spending on luxury/non-essential items and on
27、 entertainment to save for their home purchase.Baby Boomers make up the largest share of sellers Baby Boomers make up the largest share of sellers at 52 percent(30 percent Young Boomers and 22 percent Older Boomers).Buyers 57 years and younger were more likely to purchase bigger home,while buyers 57
28、 and older were more likely to downsize.Baby Boomers and the Silent Generation are selling to move closer to friends and family or because their home is too large,while Millennials are selling because their house is too small,their neighborhood has become less desirable or for a job relocation.Young
29、er Boomers have owned their homes typically for 11 years before selling,while Older Boomers owned their homes for 16 years before selling.Real estate agents and brokers remain the top homeReal estate agents and brokers remain the top home-buying and selling buying and selling resource for all genera
30、tions.resource for all generations.While the internet is increasingly utilized throughout the home search,buyers continue to need the help of a real estate professional to help them find the right home,negotiate terms of sale,and help with price negotiations.Agents remain the most used information s
31、ource in the home search,followed by mobile or tablet search devices.Sellers,as well,turned to professionals to price their homes competitively,help market their homes to potential buyers,sell within a specific timeframe,and find ways to fix up their homes to sell them for more.92023 NAR Home Buyers
32、 and Sellers Generational TrendsChapter 1Characteristics of Home Buyers102023 NAR Home Buyers and Sellers Generational TrendsCharacteristics of Home BuyersFirst-time buyers made up 26 percent of all home buyers,a decreasefrom 34 percent last year.Seventy percent of Younger Millennials and46 percent
33、of Older Millennials were first-time home buyers.Behindthese groups,21 percent of Gen Xers were also first-time home buyers.Baby Boomers,both Younger Boomers and Older Boomers,made upthe largest generation of home buyers at 39 percent.Gen Xers had the highest household incomes of any generation at$1
34、14,300 in 2022,followed by Older Millennials with a medianhousehold income of$102,900.Sixty-one percent of recent buyers were married couples,17 percentwere single females,nine percent were single males,and 10 percentwere unmarried couples.The Silent Generation had the highest shareof married couple
35、s at 68 percent.The highest percentage of singlefemale buyers was among Gen Z at 31 percent.The highest share ofunmarried couples were Younger Millennials at 20 percent.Thirty-one percent of all buyers had children under the age of 18 livingat home.Seventy percent of Older Millennials had at least o
36、ne childunder the age of 18 residing in the home.Fourteen percent of home buyers purchased a multi-generationalhome to take care of and spend time with aging parents becausechildren over the age of 18 were moving back and for cost savings.Eighteen percent of Older Boomers purchased a multi-generatio
37、nal home.Gen Xers comprised the second largest share at 17 percent.Gen Xers remain the most racially diverse group of buyers in 2022.Twenty-three percent of this group of buyers identified asHispanic/Latino,Black/African American,or Asian/Pacific Islander.Younger Millennials are the most educated gr
38、oup,with 80 percentholding at least an associates degree or higher.The next mosteducated are Older Millennials.The most common reasons for recently purchasing a home vary bygeneration.For all home buyers under the age of 58 years,the mainreason for purchasing remains the desire to own a home of thei
39、r own.Among the 58 and older age groups,the desire to be closer to friendsand family was the top reason to purchase,followed by the desire fora smaller home.112023 NAR Home Buyers and Sellers Generational TrendsCharacteristics of Home Buyers122023 NAR Home Buyers and Sellers Generational TrendsExhib
40、it 1-1AGE OF HOME BUYERSExhibit 1-2HOUSEHOLD INCOME OF HOME BUYERSExhibit 1-3ADULT COMPOSITION OF HOME BUYER HOUSEHOLDSExhibit 1-4NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLDExhibit 1-5HOME PURCHASED WAS A MULTI-GENERATIONAL HOME(WILL HOME ADULT SIBLINGS,ADULTCHILDREN,PARENTS,AND/OR
41、GRANDPARENTS)Exhibit 1-6HOME BUYER IDENTIFIES AS TRANSGENDERExhibit 1-7HOME BUYER SEXUAL ORIENTATIONExhibit 1-8RACE/ETHNICITY OF HOME BUYERSExhibit 1-9HOME BUYER EDUCATIONExhibit 1-10PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLDExhibit 1-11NATIONAL ORIGIN OF HOME BUYERSExhibit 1-12SELF OR SPOUSE/P
42、ARTNER IS ACTIVE MILITARY OR VETERANExhibit 1-13FIRST-TIME HOME BUYERS IN AGE GROUPExhibit 1-14PRIOR LIVING ARRANGEMENTExhibit 1-15PRIMARY REASON FOR PURCHASING A HOMEExhibit 1-16PRIMARY REASON FOR THE TIMING OF HOME PURCHASEExhibit 1-17OTHER HOMES OWNEDAGE OF HOME BUYERS2023 NAR Home Buyers and Sel
43、lers Generational Trends13Exhibit 1-1(Percentage Distribution)4%16%23%24%16%12%4%5%10%15%20%25%30%Silent Generation:77 to 97 yearsOlder Boomers:68 to 76 yearsYounger Boomers:58 to 67 yearsGen Xers:43 to 57 yearsOlder Gen Y/Millennials:33 to 42 yearsYounger Gen Y/Millennials:24 to 32 yearsGen Zers:18
44、 to 23 yearsMedian Age Median Age in Groupin Group85050636371718080HOUSEHOLD INCOME OF HOME BUYERS 2023 NAR Home Buyers and Sellers Generational Trends14Exhibit 1-2(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to
45、4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Less than$25,0004%7%3%2%2%7%6%6%$25,000 to$34,9997185459119$35,000 to$44,9997181055668$45,000 to$54,99981398581022$55,000 to$64,999748666913$65,000 to$74,999858771175$75,000 to$84,999729105575$85,000 to$99,9996$100,000 to$1
46、24,999127$125,000 to$149,999876119862$150,000 to$174,9995*6105441$175,000 to$199,9994*234381$200,000 or moreMedian income(2021)Median income(2021)$88,000$88,000$50,400$50,400$86,000$86,000$102,900$102,900$114,300$114,300$94,200$94,200$84,900$84,900$63,400$63,400*Less than 1 per
47、centADULT COMPOSITION OF HOME BUYER HOUSEHOLDS 2023 NAR Home Buyers and Sellers Generational Trends15Exhibit 1-3(Percentage Distribution)61%30%52%66%60%64%59%68%17%31%15%14%18%19%21%18%9%25%10%7%10%8%12%11%10%13%20%11%8%5%5%2%3%2%3%3%3%3%3%2%0%20%40%60%80%All Buyers18 to 2324 to 3233 to 4243 to 5758
48、 to 6768 to 7677 to 97Married coupleSingle femaleSingle maleUnmarried coupleOtherNUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOUSEHOLD 2023 NAR Home Buyers and Sellers Generational Trends16Exhibit 1-4(Percentage Distribution of Households)69%91%51%30%57%92%97%93%12%4%22%22%16%6%2%7%8%1%14%24%
49、10%1%*10%4%13%24%17%*1%*0%20%40%60%80%100%All Buyers18 to 2324 to 3233 to 4243 to 5758 to 6768 to 7677 to 97NoneOneTwoThree or more*Less than 1 percentHOME PURCHASED WAS A MULTI-GENERATIONAL HOME(WILL HOME ADULT SIBLINGS,ADULT CHILDREN,PARENTS,AND/OR GRANDPARENTS)2023 NAR Home Buyers and Sellers Gen
50、erational Trends17Exhibit 1-5(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Multi-generational household14%10%11%10%17%14%18%11%Reasons for purchase:Health/C
51、aretaking of aging parents21%22%24%14%24%29%11%19%Wanted a larger home that multiple incomes could afford together236Children/relatives over 18 moving back into the house2010Cost Savings366To spend more time with aging parents19Children/relatives over 18 n
52、ever left home16*1113321473Other9*348168*None of the above 81658*Less than 1 percentHOME BUYER IDENTIFIES AS TRANSGENDER2023 NAR Home Buyers and Sellers Generational Trends18Exhibit 1-6(Percentage Distribution)*Less than 1 percent*1%*99%99%99%99%99%99%100%100%1%*1%1%1%*0%20%40%60%80%100%A
53、ll Buyers18 to 2324 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Identify as transgenderDo not identify as transgenderPrefer not to answerHOME BUYER SEXUAL ORIENTATION 2023 NAR Home Buyers and Sellers Generational Trends19Exhibit 1-7(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll Buye
54、rsAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Heterosexual or straight91%86%88%89%92%92%95%91%Gay or lesbian232323*1Bisexual225211*Prefer to self-describe*11*Prefer not to answer58555549*Less than 1 percentRACE/ETHNICITY O
55、F HOME BUYERS 2023 NAR Home Buyers and Sellers Generational Trends20Exhibit 1-8(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97White/Caucasian88%91%89%87%77%9
56、3%95%94%Hispanic/Latino887717523Asian/Pacific Islander215322*Black/African-American35434213Other34234221Note:Respondents were permitted to select as many races and ethnicities as they felt applicable.The percentage distribution may therefore sum to more than 100 percent.*Less than 1 percentHOME BUYE
57、R EDUCATION2023 NAR Home Buyers and Sellers Generational Trends21Exhibit 1-9(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Less than high school2%2%1%2%2%1%
58、1%3%High school diploma26469Associates degree91918Bachelors degree24024Some graduate work7118358812Masters degree/MBA/law degree22320Doctoral degree52594444PRIMARY LANGUAGE SPOKEN IN HOME BUYER HOUSEHOLD 2023 NAR Home Buyers and Sellers Generational Trends
59、22Exhibit 1-10(Percentage Distribution)95%99%96%97%86%99%99%99%5%1%4%3%14%1%1%1%0%20%40%60%80%100%All Buyers18 to 2324 to 3233 to 4243 to 5758 to 6768 to 7677 to 97EnglishOtherNATIONAL ORIGIN OF HOME BUYERS 2023 NAR Home Buyers and Sellers Generational Trends23Exhibit 1-11(Percentage Distribution)92
60、%99%95%92%80%95%98%97%8%1%5%8%20%5%2%3%0%20%40%60%80%100%All Buyers18 to 2324 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Born in U.S.Not born in U.S.ACTIVE MILITARY/VETERANS2023 NAR Home Buyers and Sellers Generational Trends24Exhibit 1-12(Percentage Distribution)*Less than 1 percent1%*3%4%1%*22%1
61、6%9%12%19%24%41%41%77%83%89%85%80%76%59%59%0%20%40%60%80%100%18 to 2324 to 3233 to 4243 to 5758 to 6768 to 7677 to 9776 to 96Active in the Armed ForcesVeteranNeitherFIRST-TIME HOME BUYERS IN AGE GROUP 2023 NAR Home Buyers and Sellers Generational Trends25Exhibit 1-13(Percentage Distribution)26%70%46
62、%21%9%7%0%20%40%60%80%100%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 76PRIOR LIVING ARRANGEMENT 2023 NAR Home Buyers and Sellers Generational Trends26Exhibit 1-14(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to
63、5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Owned previous home58%49%23%40%60%72%79%89%Rented an apartment or house2826Lived with parents/relatives/friends,did not pay rent7211555434Lived with parents/relatives/friends,paid rent691594332Rented the home ultimately purchased2*
64、24111*Note:After selling their previous home,buyers may have rented a home or apartment before purchasing their next home.A first-time buyer could have acquired ownership of their previous home(as an inheritance or gift,for example)without having been the buyer of the home.Thus,a first-time buyer co
65、uld have owned a home prior to their first home purchase.*Less than 1 percentPRIMARY REASON FOR PURCHASING A HOME 2023 NAR Home Buyers and Sellers Generational Trends27Exhibit 1-15(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 574
66、3 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Desire to own a home of my own22%47%37%20%11%7%3%Desire to be closer to family/friends/relativesRetirement8*2181715Desire for a home in a better area84889711Desire for smaller home84771094Desire for larger home710165352Change in famil
67、y situation(e.g.marriage,birth of child,divorce,etc.)6578555Job-related relocation or move6789421Desire to be closer to job/school/transit523142*Desire for vacation home/investment property41113101Affordability of homes3122334Establish a household2732*1Financial security2322212Better weather conditi
68、ons2122241Desire for better home for pet(s)2211111Desire for a newly built or custom-built home1*11111Purchased home for family member or relative1*1111Greater number of homes on the market for sale/better choice11*11*Less than 1 percentPRIMARY REASON FOR THE TIMING OF HOME PURCHASE 2023 NAR Home Bu
69、yers and Sellers Generational Trends28Exhibit 1-16(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97It was just the right time,was ready to buy a home38%45%41%
70、38%33%41%38%30%Did not have much choice,had to purchase24619It was the best time because of mortgage financing options available123It was the best time because of availability of homes for sale21It was the best time because of affordability of homes4113425513The buye
71、r wished they had waited21122223Other1OTHER HOMES OWNED 2023 NAR Home Buyers and Sellers Generational Trends29Exhibit 1-17(Percent of Respondents)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to
72、 7668 to 7677 to 9777 to 97Recently purchased home only82%94%86%70%79%78%84%One or more investment properties8378997Previous homes that buyer is trying to sell4*113221One or more vacation homes3114334Other3*14421Chapter 2Characteristics of Homes Purchased 302023 NAR Home Buyers and Sellers Generatio
73、nal TrendsCharacteristics of Homes Purchased Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 41 percent.Buyers who purchased previously owned homes were most often considering a better price at 31 percent.Younger Boomers were
74、more likely to purchase a new home for the ability to choose and customize design features.The most common type of home purchase continued to be the detached single-family home,which made up 79 percent of all homes purchased.It was most common among all generations,but the Silent Generation continue
75、s to purchase apartments/condos at higher shares than other age groups.Senior-related housing accounted for seven percent of buyers over the age of 60;that number was seven percent for Older Baby Boomers and 12 percent for the Silent Generation.There was only a median of 50 miles from the homes that
76、 recent buyers previously resided in and the homes that they purchased,up significantly from 15 miles last year.The median distance moved was highest among Older Baby Boomers at 90 miles,while the lowest was among Millennials at 15 miles.The typical home recently purchased was 1,800 square feet,had
77、three bedrooms and two bathrooms,and was built in 1986.The size of homes for Gen Xers was typically larger at 1,970 square feet,compared to Gen Zers at a median of 1,480.Older Baby Boomers typically purchased the newest homes,with the typical home being built in 1996.Heating and cooling costs and wi
78、ndows/doors/siding were the most important environmental features for recent home buyers,with 31 and 28 percent finding these two features very important,respectively.Younger Millennials consider commuting costs most important at 35 percent.Overall,buyers expected to live in their homes for a median
79、 of 15 years,up from 12 years last year.For Younger Millennials,the expected length of time was only 10 years compared to 20 years for Younger and Older Baby Boomers.312023 NAR Home Buyers and Sellers Generational TrendsCharacteristics of Homes Purchased 322023 NAR Home Buyers and Sellers Generation
80、al TrendsExhibit 2-1 WHY NEW AND PREVIOUSLY OWNED HOMES PURCHASEDExhibit 2-2 TYPE OF HOME PURCHASEDExhibit 2-3 SENIOR-RELATED HOUSING BY TYPE OF HOME PURCHASED AND LOCATIONExhibit 2-4 DISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCEExhibit 2-5 FACTORS INFLUENCING NEIGHBORHOOD CHOICEExhibit 2-6
81、 PURCHASE PRICE COMPARED WITH ASKING PRICEExhibit 2-7 SIZE OF HOME PURCHASEDExhibit 2-8 NUMBER OF BEDROOMS AND BATHROOMSExhibit 2-9 YEAR HOME BUILTExhibit 2-10 ENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED VERY IMPORTANTExhibit 2-11 CHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISEDExhibit 2-12 EXPEC
82、TED LENGTH OF TENURE IN HOME PURCHASEDExhibit 2-13 FACTORS THAT COULD CAUSE BUYER TO MOVEWHY NEW AND PREVIOUSLY OWNED HOMES PURCHASED 2023 NAR Home Buyers and Sellers Generational Trends33Exhibit 2-1(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4
83、233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97New Home:Avoid renovations or problems with plumbing or electricity41%42%54%39%35%24%20%Lack of inventory of previously owned homes273935271739*Ability to choose and customize design features25291526371922Amenities of new home
84、construction communities030Green/energy efficiency91017910710Smart home features439112*Other030Previously Owned Home:Better price31%51%40%26%25%28%20%Better overall value28272922303334More charm and character619Lack of inventory of new homes89Want to DIY a
85、 fixer upper61265821Other919*Less than 1 percentTYPE OF HOME PURCHASED 2023 NAR Home Buyers and Sellers Generational Trends34Exhibit 2-2(Percentage Distribution)79%62%81%88%82%78%75%69%8%12%4%3%5%7%7%5%4%4%3%2%3%5%4%2%3%9%6%3%4%3%4%7%2%4%2%1%2%3%6%9%*2%*1%1%2%3%6%4%3%4%4%3%5%0%20%40%60%80
86、%100%All Buyers18 to 2324 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Detached single-family homeMobile/manufactured homeCabin/cottageTownhouse/rowhouseDuplex/apartment/condo in 2 to 4 unit bldgApartment/condo in building with 5+unitsOther*Less than 1 percentSENIOR-RELATED HOUSING BY TYPE OF HOME P
87、URCHASED AND LOCATION 2023 NAR Home Buyers and Sellers Generational Trends35Exhibit 2-3(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll buyers over All buyers over 606058 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Share who purchased a home in senior-related housing7%6%7%12%Buyers ov
88、er 60 who purchased senior-related housing:Type of home purchasedDetached single-family home59%71%54%39%Duplex/apartment/condo in 2-to-4-unit building17102222Townhouse/row house83917Apartment/condo in building with 5 or more units2*24Other14151317LocationSmall town35%24%41%52%Suburb/Subdivision26292
89、722Rural area203294Resort/Recreation area15121617Urban/Central city4374*Less than 1 percentDISTANCE BETWEEN HOME PURCHASED AND PREVIOUS RESIDENCE 2023 NAR Home Buyers and Sellers Generational Trends36Exhibit 2-4(Median Miles)5020004080120All Buyers18 to 2324 to 3233 to 4243 to 5758 to 676
90、8 to 7677 to 97FACTORS INFLUENCING NEIGHBORHOOD CHOICE 2023 NAR Home Buyers and Sellers Generational Trends37Exhibit 2-5(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to
91、9777 to 97Quality of the neighborhood49%39%56%55%46%47%48%45%Convenient to friends/family3757484023353848Overall affordability of homes37323Convenient to job33296447451863Availability of larger lots or acreage28811Convenient to shopping23426Design of neighborhood1910
92、8Convenient to vet/outdoor space for pet7219Convenient to parks/recreational facilities02111Walkability61816Convenient to schools21Convenient to entertainment/leisure activities71912Quality of the school district2Convenient
93、 to health facilities36Access to bike paths63595743Convenient to airport5*4446112Home in a planned community412433454Convenient to public transportation2*33321*Other118*Less than 1 percentPURCHASE PRICE COMPARED WITH ASKING PRICE 2023 NAR Home Buyers and Sellers Generational Tr
94、ends38Exhibit 2-6(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERPercent of asking price:All BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Less than 90%10%10%11%10%9%10%9%11%90%to 94%111695%to 99%
95、22116100%34029101%to 110%2426252330211824More than 110%46543523Median(purchase price as a percent of asking price)100%100%100%100%100%100%100%100%SIZE OF HOME PURCHASED 2023 NAR Home Buyers and Sellers Generational Trends39Exhibit 2-7(Percentage Distribution)*Less than 1 percen
96、tAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 971,000 sq ft or less1%1%*1%*1%*1,001 to 1,500 sq ft816151,501 to 2,000 sq ft29423425253027412,001 to 2,500 sq ft26182521362
97、227192,501 to 3,000 sq ft10123,001 to 3,500 sq ft8361089693,501 sq ft or more8141068134Median(sq ft)1,8001,4801,7001,8201,9701,8001,8001,600NUMBER OF BEDROOMS AND BATHROOMS 2023 NAR Home Buyers and Sellers Generational Trends40Exhibit 2-8(Percentage Distribution)*Less than 1 percentAGE OF
98、 HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97One bedroom1%2%*1%1%1%1%Two bedrooms91723Three bedrooms or more8370878788808276Median number of bedrooms33333333One full bathroom
99、20%35%28%21%18%19%13%14%Two full bathrooms5949595654646264Three full bathrooms or more22521Median number of full bathrooms22222222YEAR HOME BUILT 2023 NAR Home Buyers and Sellers Generational Trends41Exhibit 2-9(Median)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 23
100、24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 972022*1%1%1%*20220 through 20014 through 2009593354632008 through 20033152002 through 3 through 5222320311960 through 1181814141
101、917 and older67876633Median 9919961988*Less than 1 percentENVIRONMENTALLY FRIENDLY FEATURES CONSIDERED“VERY IMPORTANT”2023 NAR Home Buyers and Sellers Generational Trends42Exhibit 2-10(Percent of Respondents)31%30%35%34%29%34%35%28%39%29%30%23%30%28%24%26%35%31%28%20%9%22%20%20
102、%25%20%23%22%20%20%19%20%18%23%19%11%13%9%9%11%11%13%10%16%8%10%10%12%10%5%5%3%3%3%5%6%0%0%20%20%40%40%All Buyers18 to 2324 to 3233 to 4243 to 5758 to 6768 to 76Heating and cooling costsWindows/Doors/Siding(Installation)Commuting CostsEnergy efficient lightingEnergy efficient appliancesLandscaping f
103、or energy conservationEnvironmentally friendly community featuresSolar panels installed on homeCHARACTERISTICS OF HOME ON WHICH BUYER COMPROMISED 2023 NAR Home Buyers and Sellers Generational Trends43Exhibit 2-11(Percent of Respondents)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll Buyers
104、All Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Price of home27%35%30%24%25%28%20%Condition of home27362924252529Size of home25302530192415Style of home111Lot size414Distance from friends or familyDistance fro
105、m jobQuality of the neighborhood89847129Quality of the schools25612*2Distance from school25311*1None-Made no compromises276Other compromises not listed9710610912EXPECTED LENGTH OF TENURE IN HOME PURCHASED 2023 NAR Home Buyers and Sellers Generational Trends44Exhibit 2-12(Percen
106、tage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 971 year or less3%2%1%1%1%3%5%9%2 to 3 years525845424 to 5 years336 to 7 years2452231*8 to 10 years17192118
107、1613172011 to 15 years876777171716 or more years5052384946615147Dont Know11111113Median02015*Less than 1 percentFACTORS THAT COULD CAUSE BUYER TO MOVE 2023 NAR Home Buyers and Sellers Generational Trends45Exhibit 2-13(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll
108、 Buyers18 to 2318 to 2324 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Move with life changes(addition to family,marriage,children move out,retirement,etc.)34%35%55%43%33%25%25%25%Never moving-forever home28278Household members health2010461
109、2303944Move with job or career change11Want nicer home/added features93Want a larger home21Downsize/smaller house1913May desire better area/neighborhood25Unfit living conditions due to environmental factors139Will flip home39554121Oth
110、er66686655Chapter 3The Home Search Process 462023 NAR Home Buyers and Sellers Generational TrendsThe Home Search ProcessAmong all generations of home buyers,the first step taken in the home search process was to look online for properties.Younger Boomers contacted a real estate agent as a first step
111、 more often than other generations.Buyers typically searched for 10 weeks and looked at a median of five homes.The length of the home search was the longest for Younger Baby Boomers,at 12 weeks,and shortest for the Silent Generation and Gen Xers,at just eight weeks.Younger and Older Baby Boomers vie
112、wed the most homes with a median of six homes.Younger Millennials only viewed one home online without seeing it in person.For more than half of home buyers,the most difficult step in the home buying process was finding the right property at 56 percent,which was even higher for Younger Millennials at
113、 60 percent.Ninety-six percent of home buyers used the internet to search for homes.As a result of an internet home search,buyers most often walked through the home they viewed online,followed by finding the agent used to search for and buy a home.The most useful website feature to buyers was photos
114、 for nearly nine in 10 buyers under the age of 57.Detailed information about properties for sale was also very important to all age groups.When asked where their internet searches were conducted,home buyers were split;they typically conducted 50 percent of their search on a desktop/laptop and 50 per
115、cent on a mobile device(s).Those aged 57 and younger were more likely to use mobile devices,and those 68 and older were more likely to use a desktop/laptop.Buyers of all generations were overall very satisfied with their home-buying process.472023 NAR Home Buyers and Sellers Generational TrendsThe H
116、ome Search Process482023 NAR Home Buyers and Sellers Generational TrendsExhibit 3-1 FIRST STEP TAKEN DURING THE HOME BUYING PROCESSFIRST STEP TAKEN DURING THE HOME BUYING PROCESSExhibit 3-2 INFORMATION SOURCES USED IN HOME SEARCHINFORMATION SOURCES USED IN HOME SEARCHExhibit 3-3 LENGTH OF SEARCHLENG
117、TH OF SEARCHExhibit 3-4 WHERE BUYER FOUND THE HOME THEY PURCHASEDWHERE BUYER FOUND THE HOME THEY PURCHASEDExhibit 3-5 MOST DIFFICULT STEPS OF HOME BUYING PROCESSMOST DIFFICULT STEPS OF HOME BUYING PROCESSExhibit 3-6 USE OF INTERNET TO SEARCH FOR HOMESUSE OF INTERNET TO SEARCH FOR HOMESExhibit 3-7 AC
118、TIONS TAKEN AS A RESULT OF INTERNET HOME SEARCHACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCHExhibit 3-8 VALUE OF WEBSITE FEATURESVALUE OF WEBSITE FEATURESExhibit 3-9 MOBILE SEARCH MOBILE SEARCH Exhibit 3-10 SATISFACTION IN BUYING PROCESSSATISFACTION IN BUYING PROCESSFIRST STEP TAKEN DURING THE H
119、OME BUYING PROCESS 2023 NAR Home Buyers and Sellers Generational Trends49Exhibit 3-1(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Looked online for pro
120、perties for sale47%36%43%45%56%51%49%Contacted a real estate agent016Looked online for information about the home buying process81597753Contacted a bank or mortgage lender9131311756Talked with a friend or relative about home buying process714104555Drove-by homes/neighborhoods53346411Conta
121、cted a home seller directly2322235Looked up information about different neighborhoods or areas(schools,local lifestyle/nightlife,parks,public transportation211133*Visited open houses1121122Contacted builder/visited builder models*11*Attended a home buying seminar*Looked in newspapers,magazines,or ho
122、me buying guides*1*1Read books or guides about the home buying process*Other11112*1INFORMATION SOURCES USED IN HOME SEARCH 2023 NAR Home Buyers and Sellers Generational Trends50Exhibit 3-2(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243
123、 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Real estate agent86%87%83%84%87%88%86%Mobile or tablet search device73848677704954Online video site40263045514041Yard sign 394Open house283Print newspaper advertisement4Home builder988981117Home book or ma
124、gazine7477878Billboard2232132Television2132116Relocation company21221*3*Less than 1 percentLENGTH OF SEARCH 2023 NAR Home Buyers and Sellers Generational Trends51Exhibit 3-3(Medians)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 67
125、68 to 7668 to 7677 to 9777 to 97Number of Weeks Searched8Number of Weeks Searched Before Contacting an Agent3232432Number of homes viewed5555665Number of homes viewed only online4139535*Less than 1 percentWHERE BUYER FOUND THE HOME THEY PURCHASED 2023 NAR Home Buyers and Sellers Generatio
126、nal Trends52Exhibit 3-4(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Internet51%56%52%53%55%42%38%Real estate agent29252529393631Friend,relative or nei
127、ghborDirectly from sellers/Knew the sellers5594353Yard sign/open house sign4335376Home builder or their agent1112111Print newspaper advertisement*Home book or magazine*Other*MOST DIFFICULT STEPS OF HOME BUYING PROCESS 2023 NAR Home Buyers and Sellers Generational Trends53Exhibit 3-5(Perce
128、nt of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Finding the right property56%60%52%59%54%59%56%Paperwork416Understanding the process and stepsSaving for the d
129、own payment1328192122*Appraisal of the property8869875Getting a mortgage79117652Inability to move forward in process due to Covid-193233421Other7778865No difficult steps202*Less than 1 percentUSE OF INTERNET TO SEARCH FOR HOMES 2023 NAR Home Buyers and Sellers Generational Trends54Exhibit
130、 3-6(Percent of Respondents)96%99%99%97%97%92%84%0%20%40%60%80%100%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97ACTIONS TAKEN AS A RESULT OF INTERNET HOME SEARCH 2023 NAR Home Buyers and Sellers Generational Trends55Exhibit 3-7(Percent of Respondents Among Buyers Who Used the Internet)A
131、GE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Walked through home viewed online49%52%52%48%51%46%54%Found the agent used to search for or buy home44423742484647Saw exterior of homes/neighborhood,bu
132、t did not walk through home354Put in a contract/offer on a home32292525353946Pre-qualified for a mortgage online304Requested more information25362723232118Applied for a mortgage online25353224221814Found a mortgage lender online216Looked for more information on how t
133、o get a mortgage and general home buyers tipsContacted builder/developer4434444VALUE OF WEBSITE FEATURES 2023 NAR Home Buyers and Sellers Generational Trends56Exhibit 3-8(Percentage Ranking Feature Very Useful Among Buyers Who Used the Internet)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers
134、All Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Photos85%87%85%85%83%75%60%Detailed information about properties for sale808Real estate agent contact information534Floor Plans49494944503940Virtual tours39374136402927Pend
135、ing sales/contract status36394034312725Detailed information about recently sold properties35353930353023Neighborhood information324Interactive maps28323626241711Videos27262727291723Information about upcoming open houses6Virtual open houses6Virtual listing appointment
136、910119972Real estate news or articles6466656PERCENTAGE OF TIME USING DEVICES IN HOME SEARCH 2023 NAR Home Buyers and Sellers Generational Trends57Exhibit 3-9(Percent of Respondents Among those Who Used the Internet to Search)50%25%25%25%50%70%50%75%75%70%50%25%20%40%60%80%All Buyers24 to 3233 to 424
137、3 to 5758 to 6768 to 76Desktop/LaptopMobile Device(s)*Less than 1 percentSATISFACTION IN BUYING PROCESS 2023 NAR Home Buyers and Sellers Generational Trends58Exhibit 3-10(Percentage Distribution)60%49%56%67%60%61%59%31%42%36%25%30%27%35%8%8%7%7%8%10%5%2%1%2%2%2%2%2%0%20%40%60%80%All Buyers24 to 3233
138、 to 4243 to 5758 to 6768 to 7677 to 97Very SatisfiedSomewhat SatisfiedSomewhat DissatisfiedVery DissatisfiedChapter 4Home Buying and Real Estate Professionals592023 NAR Home Buyers and Sellers Generational TrendsHome Buying and Real Estate ProfessionalsEighty-six percent of all buyers purchased thei
139、r home through an agent,as did 90 percent of Younger Boomers and 88 percent of Gen Xers.Buyers from all generations primarily wanted their agents help to find the right home to purchase at 49 percent.Buyers were also looking for help in negotiating the terms of the sale and to help with price negoti
140、ations.Younger and Older Millennials were more likely to want their agent to help with paperwork.Help understanding the purchase process was most beneficial to buyers Younger Millennials at 81 percent and Older Millennials at 64 percent.Referrals remain the primary method most buyers found their rea
141、l estate agent.Referrals by friends,neighbors,or relatives were highest among Younger Millennial buyers(50 percent)and Older Millennial Buyers(44 percent)compared to older generations.Silent Generation buyers were most likely to work with an agent they had previously used to buy or sell a home.When
142、choosing an agent to work with,working with an honest and trustworthy agent was the most important factor for buyers,followed by one with experience.An agents reputation was most important to buyers in the Silent Generation.Sixty-seven percent of buyers interviewed only one real estate agent during
143、their home search.Seventy-six percent would use their agent again or recommend their agent to others,also consistent across all generations.602023 NAR Home Buyers and Sellers Generational TrendsHome Buying and Real Estate Professionals612023 NAR Home Buyers and Sellers Generational TrendsExhibit 4-1
144、 METHOD OF HOME PURCHASEExhibit 4-2 AGENT REPRESENTATION DISCLOSUREExhibit 4-3 BUYER REPRESENTATIVE ARRANGEMENT WITH AGENTExhibit 4-4 HOW REAL ESTATE AGENT WAS COMPENSATEDExhibit 4-5 WHAT BUYERS WANT MOST FROM REAL ESTATE AGENTSExhibit 4-6 BENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE
145、PROCESSExhibit 4-7 HOW BUYER FOUND REAL ESTATE AGENTExhibit 4-8 HOW MANY TIMES CONTACTED AGENT BEFORE RECEIVED RESPONSE AND ORIGINAL FORM OF CONTACTExhibit 4-9 NUMBER OF REAL ESTATE AGENTS INTERVIEWEDExhibit 4-10 MOST IMPORTANT FACTORS WHEN CHOOSING AN AGENTExhibit 4-11 AGENT SKILLS AND QUALITIES CO
146、NSIDERED VERY IMPORTANTExhibit 4-12 IMPORTANCE OF AGENT COMMUNICATIONSExhibit 4-13 SATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIESExhibit 4-14 WOULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERSExhibit 4-15 HOW MANY TIMES BUYER RECOMMENDED AGENTMETHOD OF HOME PURCHASE 2023 NAR Ho
147、me Buyers and Sellers Generational Trends62Exhibit 4-1(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Through a real estate agent or broker86%85%87%88%90%87%85%Directly from builder or builders agent2212233Directly from the previou
148、s owner12Knew previous owner6696475Did not know previous owner5734537AGENT REPRESENTATION DISCLOSURE 2023 NAR Home Buyers and Sellers Generational Trends63Exhibit 4-2(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERDisclosure Statement SignedAll Buyers24 to 3233 to 4243 to 5758
149、to 6768 to 7677 to 97Yes,at first meeting24%18%17%24%25%32%24%Yes,when contract was written223Yes,at some other time2No259Dont know922BUYER REPRESENTATIVE ARRANGEMENT WITH AGENT 2023 NAR Home Buyers and Sellers Generational Trends64Exhibit 4-3(Percentage D
150、istribution)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 76Yes,a written arrangement35%33%37%31%37%35%Yes,an oral arrangement0No343030463033Dont know2HOW REAL ESTATE AGENT WAS COMPENSATED2023 NAR Home Buyers and Sellers Generational Trends65
151、Exhibit 4-4(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 76Paid by seller48%48%52%43%54%46%Paid by buyer and seller7Paid by buyer only282021352430Percent of sales price7Flat fee435537Per task fee*1*Other112122Dont kno
152、w243121322118Other212221Dont know91511986*Less than 1 percentWHAT BUYERS WANT MOST FROM REAL ESTATE AGENTS 2023 NAR Home Buyers and Sellers Generational Trends66Exhibit 4-5(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Help find t
153、he right home to purchase49%45%46%41%54%58%55%Help buyer negotiate the terms of sale16Help with the price negotiations12Help with paperworkHelp find and arrange financing63215332Determine what comparable homes were selling for5544478Help determining how much home buy
154、er can afford3842335Help teach buyer more about neighborhood or area(restaurants,parks,public transportation)1111111Help find renters for buyers property*Other3231342*Less than 1 percentBENEFITS PROVIDED BY REAL ESTATE AGENT DURING HOME PURCHASE PROCESS 2023 NAR Home Buyers and Sellers Generational
155、Trends67Exhibit 4-6(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 76Helped buyer understand the process53%81%64%44%46%44%Pointed out unnoticed features/faults with property526359404952Provided a better list of service providers(e.g.home insp
156、ector)464337504247Improved buyers knowledge of search areas464539494546Negotiated better sales contract terms375044323229Shortened buyers home search333932333029Negotiated a better price303830272624Provided better list of mortgage lenders9Expanded buyers search area3Narrowed bu
157、yers search area2None of the above7278109Other221212HOW BUYER FOUND REAL ESTATE AGENT 2023 NAR Home Buyers and Sellers Generational Trends68Exhibit 4-7(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97R
158、eferred by(or is)a friend,neighbor or relative38%50%44%36%32%34%35%Used agent previously to buy or sell a home17Inquired about specific property viewed onlineWebsite(without a specific reference)99891299Saw contact information on For Sale/Open House sign94510111113Referred by a
159、nother real estate agent/broker6755845Personal contact by agent(telephone,e-mail,etc.)5564356Visited an open house and met agent3224232Walked into or called office and agent was on duty2113342Referred through employer or relocation company11411*2Mobile or tablet application112111*Saw the agents soci
160、al media page without a connection111112*Crowdsourcing through social media/knew the person through social media*1*1*Advertising specialty(calendar,magnet,etc.)*Direct mail(newsletter,flyer,postcard,etc.)*1*Newspaper,Yellow Pages or home book ad*1Other2222221HOW MANY TIMES CONTACTED AGENT BEFORE REC
161、EIVED RESPONSE AND ORIGINAL FORM OF CONTACT 2023 NAR Home Buyers and Sellers Generational Trends69Exhibit 4-8(Median,Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Phone call33%24%29%30%38%39%34%Talked to them in person8
162、33Ask a friend to put in touch112Inquiry for more information through 3rd party website114E-mail813107842Text message612106321Social Media(Facebook,Twitter,LinkedIn,etc.)3543212Through agents website4234533Number of Times Contacted(median)1111111NUMBER OF REAL ESTATE AGENTS INT
163、ERVIEWED 2023 NAR Home Buyers and Sellers Generational Trends70Exhibit 4-9(Percentage Distribution)67%65%65%70%64%69%73%17%25%17%16%16%16%19%9%7%10%8%12%9%5%6%3%8%6%8%7%4%0%20%40%60%80%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97OneTwoThreeFour or moreMOST IMPORTANT FACTORS WHEN CHOOSI
164、NG AN AGENT 2023 NAR Home Buyers and Sellers Generational Trends71Exhibit 4-10(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Agents experience18%17%20%15%20%15%20%Agent is honest and trustworthy415Re
165、putation of agent825Agent has caring personality/good listener119720882Agent is friend or family memberAgents knowledge of the neighborhood957811148Agent is timely with responses8879675Agent seems 100%accessible because of use of technology like tablet or smart phone5235783Agen
166、ts association with a particular firm22*2233Active in local community/volunteerism111*21Professional designations held by agent*11001Other 4464531AGENT SKILLS AND QUALITIES CONSIDERED VERY IMPORTANT 2023 NAR Home Buyers and Sellers Generational Trends72Exhibit 4-11(Percent of Respondents)AGE OF HOME
167、 BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Honesty and integrity97%97%97%96%97%97%98%Responsiveness93949293939090Knowledge of purchase process93979592909294Knowledge of real estate market992Communication skills879Negotiation skills808080827
168、87470People skills79727775777977Knowledge of local area777Skills with technology48444648495247IMPORTANCE OF AGENT COMMUNICATIONS 2023 NAR Home Buyers and Sellers Generational Trends73Exhibit 4-12(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758
169、 to 6768 to 7677 to 97Calls personally to inform of activities76%76%73%77%74%78%78%Sends property info and communicates via text message754Sends postings as soon as a property is listed/the price changes/under contract66777057666566Sends emails about specific needs48574751424742Can send m
170、arket reports on recent listings and sales444Has a website339Has a mobile site to show properties30262923343040Active in local community/volunteerism223Is active on social media115Sends an email newsletter6444788Advertises in newspapers42423711Has a blog11
171、*124*Less than 1 percentSATISFACTION WITH REAL ESTATE AGENT SKILLS AND QUALITIES 2023 NAR Home Buyers and Sellers Generational Trends74Exhibit 4-13(Percent Ranking Very Satisfied)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Knowledge of purchase process
172、 90%93%91%89%88%89%90%Honesty and integrity89838283848477Knowledge of real estate market 89898889869192Responsiveness88888789878489People skills88878787898388Knowledge of local area 88848587899089Communication skills86848388878587Skills with technology84838283848477Negotiation skills 78747580817576W
173、OULD BUYER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS 2023 NAR Home Buyers and Sellers Generational Trends75Exhibit 4-14(Percentage Distribution)76%72%76%76%74%72%77%13%16%12%13%12%17%14%5%8%7%4%5%6%4%4%4%3%4%7%4%3%2%1%1%4%2%2%1%0%20%40%60%80%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 7
174、677 to 97DefinitelyProbablyProbably NotDefinitely NotDont KnowHOW MANY TIMES BUYER RECOMMENDED AGENT 2023 NAR Home Buyers and Sellers Generational Trends76Exhibit 4-15(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97None38%36%31%33%
175、43%45%45%One time47Two times202Three times911107877Four or more times20222419201618Times recommended since buying(median)1122111Chapter 5Financing the Home Purchase772023 NAR Home Buyers and Sellers Generational TrendsFinancing the Home PurchaseSeventy-eight percent of recent b
176、uyers financed their home purchase.Ninety-four percent or more of buyers 32 years and younger financed,whereas only 49 percent of Older Baby Boomers financed their home,and 47 percent of the Silent Generation.For 47 percent of buyers,their down payment came from their savings.Thirty-eight percent of
177、 buyers down payments came from the proceeds from the sale of a primary residence.Fifty-seven percent of Older Millennials and 64 percent of Younger Millennials used savings for their down payment,compared to only 28 percent of the Silent Generation.Older buyers were more likely to use equity from a
178、 past home.Younger Millennials used a gift or loan from friends and family more than any other generation.Thirteen percent of all buyers cited that saving for a down payment was the most difficult step in the home buying process.For Younger Millennial buyers,this share was 28 percent compared to onl
179、y two percent of Older Baby Boomers.Nineteen percent of all buyers reported having student loan debt with a median amount of$35,000.Younger Millennials had the highest share of student debt at 35 percent,with a median amount of$30,000.Older Baby Boomers were less likely to have student debt at three
180、 percent,but Older Millennials had the highest balance with a median amount of$40,000.Sixty-two percent of all buyers used conventional loans to finance their homes.Sixty percent of Younger Millennials used a conventional loan compared to 70 percent of Older Baby Boomers.Eighty-eight percent of all
181、buyers reported they viewed a home purchase as a good investment.Eighty-nine percent of Gen Xers said owning a home was a good financial investment.782023 NAR Home Buyers and Sellers Generational TrendsFinancing the Home Purchase792023 NAR Home Buyers and Sellers Generational TrendsExhibit 5-1 BUYER
182、S WHO FINANCED THEIR HOME PURCHASEExhibit 5-2 PERCENT OF HOME FINANCEDExhibit 5-3 MEDICAN PERCENT OF DOWN PAYMENTExhibit 5-4 SOURCES OF DOWN PAYMENTExhibit 5-5 YEARS DEBT DELAYED HOME BUYERS FROM SAVING FOR A DOWN PAYMENT OR BUYING A HOMEExhibit 5-6 EXPENSES THAT DELAYED SAVING FOR A DOWN PAYMENT OR
183、 SAVING FOR A HOME PURCHASE,BY AGEExhibit 5-7 SACRIFICES MADE TO PURCHASE HOMEExhibit 5-8 DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESSExhibit 5-9 BUYER MORTGAGE APPLICATION HAD BEEN REJECTED FROM MORTGAGE LENDERExhibit 5-10 BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY(SHORT SALE OR FORECLO
184、SURE)Exhibit 5-11 BUYERS WHO HAVE STUDENT LOAN DEBTExhibit 5-12 TYPE OF MORTGAGEExhibit 5-13 TYPE OF LOANExhibit 5-14 BUYERS VIEW OF HOMES AS A FINANCIAL INVESTMENTBUYERS WHO FINANCED THEIR HOME PURCHASE 2023 NAR Home Buyers and Sellers Generational Trends80Exhibit 5-1(Percentage Distribution)78%94%
185、93%85%68%49%47%0%20%40%60%80%100%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97PERCENT OF HOME FINANCED 2023 NAR Home Buyers and Sellers Generational Trends81Exhibit 5-2(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 57
186、43 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Less than 50%14%9%11%11%16%24%23%50%to 59%4132115660%to 69%6346881871%to 79%41280%to 89%22790%to 94%495%to 99%100%Financed the entire purchase price with a mortgage39Median percent financed
187、86%92%89%90%80%79%73%MEDIAN PERCENT DOWN PAYMENT2023 NAR Home Buyers and Sellers Generational Trends82Exhibit 5-3(Percentage Distribution)14%8%11%10%20%21%27%0%20%40%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97SOURCES OF DOWN PAYMENT 2023 NAR Home Buyers and Sellers Generational Trends
188、83Exhibit 5-4(Percent of Respondents Among those who Made a Downpayment)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Savings47%64%57%49%38%41%28%Proceeds from sale of primary
189、residence38222933465461Gift from relative or friend719127212Sale of stocks or bonds79757106401k/pension fund including a loan546572*Inheritance4453431Tax Refund36621*Proceeds from sale of real estate other than primary residence3122461Individual Retirement Account(IRA)3221531Equity from primary resi
190、dence buyer continues to own2111144Loan from relative or friend23431*1Loan or financial assistance from source other than employer12211*Loan from financial institution other than a mortgage2131172Loan or financial assistance through employer*Other3*YEARS DEBT DELAYED HOME BUYERS FROM SAVING FOR A DO
191、WN PAYMENT OR BUYING A HOME 2023 NAR Home Buyers and Sellers Generational Trends84Exhibit 5-5(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 76One year17%17%9%15%28%24%Two
192、 yearsThree years1419128643Four years586433Five yearsMore than five years3Median4 43 35 55 54 43 3EXPENSES THAT DELAYED SAVING FOR A DOWN PAYMENT OR SAVING FOR A HOME PURCHASE,BY AGE 2023 NAR Home Buyers and Sellers Generational Trends85Exhibit 5-6(Percent of Respond
193、ents Who Reported Saving for a Down Payment was Difficult)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 76Share Saving for Down payment was Most Difficult Task in Buying Process:13%28%19%21%2%2%
194、Debt that Delayed Saving:Childcare expenses36142627*Health care costs35111431124Credit card debt343432241728High rent/current mortgage payment293130181513Car loan29322914103Student Loans2537371151Other9Median Years Debt Delayed Home Purchase Among Those Who Had Difficulty Saving3 33 34 44
195、 45 5*SACRIFICES MADE TO PURCHASE HOME 2023 NAR Home Buyers and Sellers Generational Trends86Exhibit 5-7(Percent of Respondents)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Cut spending on luxury
196、 items or non-essential items25%45%33%31%14%15%4%Cut spending on entertainment16Cut spending on clothes4Cancelled vacation plans810128523Paid minimum payments on bills71298486Earned extra income through a second job712117421Sold a vehicle or decided not to purchase a vehicle611
197、95536Moved in with friends/family without paying rent51462332Other 5343494Did not need to make any sacrifices677DIFFICULTY OF MORTGAGE APPLICATION AND APPROVAL PROCESS 2023 NAR Home Buyers and Sellers Generational Trends87Exhibit 5-8(Percentage Distribution Among those who Financed their
198、Home Purchase)5%10%10%10%10%11%10%11%24%20%16%19%22%20%63%45%46%55%47%46%49%21%21%24%19%24%21%22%0%20%40%60%80%100%77 to 9777 to 9768 to 7668 to 7658 to 6758 to 6743 to 5743 to 5733 to 4233 to 4224 to 3224 to 32All BuyersAll BuyersMuch more difficult than expectedSomewhat more difficult than expecte
199、dNot difficult/No more difficult than expectedEasier than expectedREASONS MORTGAGE LENDER REJECTED BUYER APPLICATION 2023 NAR Home Buyers and Sellers Generational Trends88Exhibit 5-9(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233
200、to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 76Have had application denied5%5%6%4%5%4%Median number of times application was denied1 11 11 11 11 12 2Debt-to-income ratio302941292532Low credit score251419152826Income was unable to be verified144122713*Insufficient down payment911295*Not
201、 enough money in reserves8775437Too soon after refinancing another property1*5*2*Dont know714102*16Other273626323211BUYER PREVIOUSLY SOLD A DISTRESSED PROPERTY(SHORT SALE OR FORECLOSURE)2023 NAR Home Buyers and Sellers Generational Trends89Exhibit 5-10(Percentage Distribution)AGE OF HOME BUYERAGE OF
202、 HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Sold distressed property8%2%5%9%8%8%7%Year sold distressed property(median)20092001020112010BUYERS WHO HAVE STUDENT LOAN DEBT 2023 NAR Home Buyers and Sellers Gen
203、erational Trends90Exhibit 5-11(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 76Have student loan debt19%19%35%35%30%30%18%18%6%6%3%3%Under$10,00014%19%16%13%16%58%$10,000 to$24,9992328192319
204、*$25,000 to$49,9992128223125*$50,000 to$74,99926171720258$75,000 or moreMedian amount of student loan debt$35,000$30,000$40,000$35,000$36,000$9,000*Less than 1 percentTYPE OF MORTGAGE 2023 NAR Home Buyers and Sellers Generational Trends91Exhibit 5-12(Percentage Distribution Among those wh
205、o Financed their Home Purchase)92%90%93%93%93%94%93%3%3%2%3%3%2%1%1%2%1%1%1%1%2%3%4%3%3%1%1%2%2%1%1%2%2%4%0%20%40%60%80%100%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Fixed-rate mortgageFixed-then adjustable rate mortgageAdjustable-rate mortgageDont knowOtherTYPE OF LOAN 2023 NAR Home
206、 Buyers and Sellers Generational Trends92Exhibit 5-13(Percentage Distribution Among those who Financed their Home Purchase)62%60%63%55%66%70%68%17%15%17%29%11%6%15%12%6%11%10%15%19%12%5%10%5%3%5%3%5%9%4%4%3%2%5%0%20%40%60%80%All Buyers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97ConventionalFHAVA
207、Dont KnowOtherBUYERS VIEW OF HOMES AS A FINANCIAL INVESTMENT 2023 NAR Home Buyers and Sellers Generational Trends93Exhibit 5-14(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to
208、97Good financial investmentGood financial investment88%83%87%89%81%84%79%Better than stocksBetter than stocks50485048515350About as good as stocksAbout as good as stocks27262736232522Not as good as stocksNot as good as stocks79105767Not a good financial investmentNot a good financial investment22225
209、45Dont knowDont know16Chapter 6Home Sellers and Their Selling Experience942023 NAR Home Buyers and Sellers Generational TrendsHome Sellers and Their Selling ExperienceYounger Boomers made up one of the largest shares of home sellers at 30 percent,had a median age of 63 years,and a median
210、income of$89,500.Older Baby Boomers made up the second largest share of sellers at 22 percent with a median age of 71 years.Sixty-seven percent of sellers were married couples.Married couples were highest among Older Millennials at 82 percent.Single women sellers were highest among Older Boomers at
211、22 percent.For all sellers,the most commonly cited reason to sell was to be closer to friends and family at 21 percent.Older generations were more likely to move closer to family/friends and retirement,and younger generations were more likely to desire a larger home and for a job relocation.Sellers
212、typically lived in their home for 10 years before selling,up from 9 years last year.Younger Millennials stayed in their home for four years compared to 16 years for Older Boomer sellers.Eighty-six percent of home sellers worked with a real estate agent to sell their home,which was consistent across
213、all age groups.For recently sold homes,the final sales price was a median of 100 percent of the final listing price.Nineteen percent of home sellers reduced the asking price of their homes at least once.Thirty-four percent of Silent Generation sellers reduced their asking price at least once,compare
214、d to 19 percent of Younger Millennials.Twenty percent of all sellers offered incentives to attract buyers.This varied across age groups,where it was less likely for Older Millennials sellers to offer incentives and more likely for Older Boomer sellers.Seventy-two percent of sellers were very satisfi
215、ed with the selling process,up from 70 percent last year.952023 NAR Home Buyers and Sellers Generational TrendsHome Sellers and Their Selling Experience962023 NAR Home Buyers and Sellers Generational TrendsExhibit 6-1 AGE OF HOME SELLERSExhibit 6-2 HOUSEHOLD INCOME OF HOME SELLERSExhibit 6-3 ADULT C
216、OMPOSITION OF HOME SELLER HOUSEHOLDSExhibit 6-4 NUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLDExhibit 6-5 EDUCATION OF HOME SELLERSExhibit 6-6 RACE/ETHNICITY OF HOME SELLERSExhibit 6-7 PRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLDExhibit 6-8 FIRST-TIME OR REPEAT SELLEREx
217、hibit 6-9 LOCATION OF HOME SOLDExhibit 6-10 TYPE OF HOME SOLDExhibit 6-11 SIZE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLDExhibit 6-12 NUMBER OF BEDROOMS AND BATHROOMSExhibit 6-13 PRICE OF HOME PURCHASED COMPARED TO HOME RECENTLY SOLDExhibit 6-14 PRIMARY REASON FOR SELLING PREVIOUS HOMEExhibit
218、6-15 SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGEExhibit 6-16 TENURE IN PREVIOUS HOMEExhibit 6-17 DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLDExhibit 6-18 METHOD USED TO SELL HOMEExhibit 6-19 SALES PRICE COMPARED WITH LISTING PRICEExhibit 6-
219、20 NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKETExhibit 6-21 NUMBER OF TIMES ASKING PRICE WAS REDUCEDExhibit 6-22 INCENTIVES OFFERED TO ATTRACT BUYERS,BY NUMBER OF WEEKS HOME WAS ON THE MARKETExhibit 6-23 SATISFACTION WITH THE SELLING PROCESSExhibit 6-24 URGENCY OF SALEAGE OF HOME SELLERS 202
220、3 NAR Home Buyers and Sellers Generational Trends97Exhibit 6-1(Percentage Distribution)7%22%30%20%12%6%3%5%10%15%20%25%30%35%Silent Generation:77 to 97 yearsOlder Boomers:68 to 76 yearsYounger Boomers:58 to 67 yearsGen Xers:43 to 57 yearsOlder Gen Y/Millennials:33 to 42 yearsYounger Gen Y/Millennial
221、s:24 to 32 yearsGen Zers:18 years to 23 yearsMedian Age Median Age in Groupin Group858080Note:Sellers 23 years and younger only made up only three percent of the share of all sellers.They were not included in chapters 6 or 7 on home sellers due to the low number of responses fo
222、r analysis.HOUSEHOLD INCOME OF HOME SELLERS 2023 NAR Home Buyers and Sellers Generational Trends98Exhibit 6-2(Percentage Distribution)*Less than 1 percentAGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 97
223、77 to 97Less than$25,000Less than$25,0004%1%*2%5%5%5%$25,000 to$34,999$25,000 to$34,99961135910$35,000 to$44,999$35,000 to$44,9995634449$45,000 to$54,999$45,000 to$54,99985448927$55,000 to$64,999$55,000 to$64,999813567115$65,000 to$74,999$65,000 to$74,99978451253$75,000 to$84,999$75,000 to$84,999781
224、36674$85,000 to$99,999$85,000 to$99,9991$100,000 to$124,999$100,000 to$124,99946$125,000 to$149,999$125,000 to$149,999971412662$150,000 to$174,999$150,000 to$174,99954139621$175,000 to$199,999$175,000 to$199,9996566413*$200,000 or more$200,000 or moreMedian income(20
225、21)Median income(2021)$93,200$93,200$92,500$92,500$118,060$118,060$109,620$109,620$89,500$89,500$85,000$85,000$54,630$54,630ADULT COMPOSITION OF HOME SELLER HOUSEHOLDS 2023 NAR Home Buyers and Sellers Generational Trends99Exhibit 6-3(Percentage Distribution)67%81%82%72%72%64%66%16%5%7%12%17%22%19%7%
226、5%5%7%6%8%10%7%7%4%7%3%4%3%3%1%*2%2%2%2%0%20%40%60%80%100%All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Married coupleSingle femaleSingle maleUnmarried coupleOther*Less than 1 percentNUMBER OF CHILDREN UNDER THE AGE OF 18 RESIDING IN HOME SELLER HOUSEHOLD 2023 NAR Home Buyers and Seller
227、s Generational Trends100Exhibit 6-4(Percentage Distribution of Home Seller Households)*Less than 1 percent77%31%26%69%91%98%90%10%31%21%13%7%1%10%8%28%31%13%1%*5%10%23%5%*1%*0%20%40%60%80%100%All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97NoneOneTwoThree or moreEDUCATION OF HOME SELLERS
228、2023 NAR Home Buyers and Sellers Generational Trends101Exhibit 6-5(Percent of Respondents)AGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Less than high schoolLess than high school2%*1%*2%High s
229、chool diplomaHigh school diploma26261823322423Associates degreeAssociates degree3Bachelors degreeBachelors degree24453131211815Some graduate workSome graduate work79468714Masters Masters degree/MBA/law degreedegree/MBA/law degree228Doctoral degreeDoctoral degree5275554*Less tha
230、n 1 percentRACE/ETHNICITY OF HOME SELLERS 2023 NAR Home Buyers and Sellers Generational Trends102Exhibit 6-6(Percent of Respondents)AGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97White/Caucasia
231、nWhite/Caucasian95%95%95%91%95%95%95%Hispanic/LatinoHispanic/Latino3422614Black/AfricanBlack/African-AmericanAmerican2213111Asian/Pacific IslanderAsian/Pacific Islander13222*OtherOther3343131Note:Respondents were permitted to select as many races and ethnicities as they felt applicable.The percentag
232、e distribution may therefore sum to more than 100 percent.*Less than 1 percentPRIMARY LANGUAGE SPOKEN IN HOME SELLER HOUSEHOLD 2023 NAR Home Buyers and Sellers Generational Trends103Exhibit 6-7(Percentage Distribution)99%98%100%97%98%99%98%2%2%*3%2%1%2%0%20%40%60%80%100%All Sellers24 to 3233 to 4243
233、 to 5758 to 6768 to 7677 to 97EnglishOther*Less than 1 percentFIRST-TIME OR REPEAT SELLER 2023 NAR Home Buyers and Sellers Generational Trends104Exhibit 6-8(Percentage Distribution)25%72%57%35%16%6%5%75%28%43%65%84%94%95%0%20%40%60%80%100%All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Fi
234、rst-time sellerRepeat sellerLOCATION OF HOME SOLD 2023 NAR Home Buyers and Sellers Generational Trends105Exhibit 6-9(Percentage Distribution)AGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Subur
235、b/SubdivisionSuburb/Subdivision33%30%35%41%34%34%23%Small townSmall town27353028202523Urban area/Central cityUrban area/Central city7Rural areaRural area231Resort/Recreation areaResort/Recreation area51*27127*Less than 1 percentTYPE OF HOME SOLD 2023 NAR Home Buyers and Sellers
236、 Generational Trends106Exhibit 6-10(Percentage Distribution)AGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Detached singleDetached single-family homefamily home83%85%90%85%80%82%84%Townhouse/ro
237、w houseTownhouse/row house3664421Apartment/condo in a building with Apartment/condo in a building with 5 or more units5 or more units2413221Duplex/apartment/condo in 2Duplex/apartment/condo in 2-toto-4 4 unit buildingunit building2*11334OtherOther*Less than 1 percentSIZE OF HOME PURCHASED
238、 COMPARED TO HOME RECENTLY SOLD 2023 NAR Home Buyers and Sellers Generational Trends107Exhibit 6-11(Median Square Feet)Size of home soldSize of home soldSize of home Size of home purchasedpurchasedDifference in Square Difference in Square FeetFeetAll SellersAll Sellers1,935 sq ft2,000 sq ft65 sq ft2
239、4 to 3224 to 321,490 sq ft2,020 sq ft530 sq ft33 to 4233 to 421,680 sq ft2,300 sq ft620 sq ft43 to 5743 to 572,000 sq ft2,020 sq ft20 sq ft58 to 6758 to 671,880 sq ft1,850 sq ft-30 sq ft68 to 7668 to 761,720 sq ft1,830 sq ft110 sq ft77 to 9777 to 971,970 sq ft1,750 sq ft-220 sq ftNUMBER OF BEDROOMS
240、AND BATHROOMS 2023 NAR Home Buyers and Sellers Generational Trends108Exhibit 6-12(Percentage Distribution)AGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97One bedroomOne bedroom1%*2%2%*1%Two bedr
241、oomsTwo bedroomsThree bedrooms or moreThree bedrooms or more87959691838383Median number of bedroomsMedian number of bedrooms3 33 33 33 33 33 33 3One full bathroomOne full bathroom13Two full bathroomsTwo full bathrooms662Three full bathrooms or moreThree full bathroom
242、s or more26243626203025Median number of full Median number of full bathroomsbathrooms2 22 22 22 22 22 22 2*Less than 1 percentPRIMARY REASON FOR SELLING PREVIOUS HOME 2023 NAR Home Buyers and Sellers Generational Trends109Exhibit 6-14(Percentage Distribution)*Less than 1 percentAGE OF HOME SELLERAGE
243、 OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7676 to 9776 to 97Want to move closer to friends or familyWant to move closer to friends or family21%10%5%15%26%27%48%Moving due to retirementMoving due to retirement11*218242Neighborho
244、od has become less desirableNeighborhood has become less desirable16Home is too smallHome is too small1026328532Change in family situation(e.g.,marriage,birth of Change in family situation(e.g.,marriage,birth of a child,divorce)a child,divorce)98912763Home is too largeHome is too large861
245、77919Job relocationJob relocation71314165*Upkeep of home is too difficult due to health or Upkeep of home is too difficult due to health or financial limitationsfinancial limitations53*2373Can not afford the mortgage and other expenses Can not afford the mortgage and other expenses of owning homeof
246、owning home3135522Want to move closer to current jobWant to move closer to current job215331*Unfit living conditions due to environmental Unfit living conditions due to environmental factorsfactors12*121*Schools became less desirableSchools became less desirable1*31*To avoid possible foreclosureTo a
247、void possible foreclosure*2*OtherOther6SELLER WANTED TO SELL EARLIER BUT WAITED OR STALLED BECAUSE HOME WAS WORTH LESS THAN MORTGAGE 2023 NAR Home Buyers and Sellers Generational Trends110Exhibit 6-15(Percentage Distribution)*Less than 1 percent5%6%4%8%8%2%3%*2%*94%92%96%92%92%98%97%0%20%
248、40%60%80%100%All Sellers23 to 3132 to 4142 to 5758 to 6768 to 7677 to 97Yes,and lived in homeYes,but rented home to others and lived elsewhereNo,sold home when wanted to sellTENURE IN PREVIOUS HOME 2023 NAR Home Buyers and Sellers Generational Trends111Exhibit 6-16(Percentage Distribution)*Less than
249、 1 percentAGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 971 year or less1 year or less4%5%6%3%5%2%2%2 to 3 years2 to 3 years124 to 5 years4 to 5 years096 to 7 years6 to 7 y
250、ears8 to 10 years8 to 10 years211 to 15 years11 to 15 years1316 to 20 years16 to 20 years10*31512101021 years or more21 years or more251114264238MedianMedian10104 47 79 911 1116161515DISTANCE BETWEEN HOME PURCHASED AND HOME RECENTLY SOLD 2023 NAR Home Buyers and Sell
251、ers Generational Trends112Exhibit 6-17(Median Miles)906004080120160200All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97METHOD USED TO SELL HOME 2023 NAR Home Buyers and Sellers Generational Trends113Exhibit 6-18(Percentage Distribution)*Less than 1 percentAGE OF HOME SELLERAGE O
252、F HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Sold home using an agent or brokerSold home using an agent or broker86%87%86%82%84%84%82%Seller used agent/broker onlySeller used agent/broker only85858581828380Seller f
253、irst tried to sell it themselves,but Seller first tried to sell it themselves,but then used an agentthen used an agent1211212Received quote from iBuyer,but sold with Received quote from iBuyer,but sold with real estate agent/brokerreal estate agent/broker*ForFor-salesale-byby-owner(FSBO)owner(FSBO)1
254、09912111112Seller sold home without using a real estate Seller sold home without using a real estate agent or brokeragent or broker1First listed with an agent,but then sold First listed with an agent,but then sold home themselveshome themselves*1*11Sold home to a homebuying companySold ho
255、me to a homebuying company1212122Sold it through an iBuyer programSold it through an iBuyer program111*1OtherOther2234333SALES PRICE COMPARED WITH LISTING PRICE 2023 NAR Home Buyers and Sellers Generational Trends114Exhibit 6-19(Percentage Distribution of Sales Price as a Percent of List Price)AGE O
256、F HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Less than 90%Less than 90%8%5%3%7%4%19%8%90%to 94%90%to 94%81366611895%to 99%95%to 99%627100%100%30252621282033101%to 110%101%to 110%2535353
257、0292721More than 110%More than 110%3Median(sales price as a Median(sales price as a percent of listing price)percent of listing price)100%100%100%100%100%100%100%100%100%100%100%100%100%100%NUMBER OF WEEKS RECENTLY SOLD HOME WAS ON THE MARKET 2023 NAR Home Buyers and Sellers Generational
258、Trends115Exhibit 6-20(Percentage Distribution)*Less than 1 percentAGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Less than 1 weekLess than 1 week15%9%13%6%11%11%17%1 to 2 weeks1 to 2 weeks43375
259、3504735393 to 4 weeks3 to 4 weeks215 to 6 weeks5 to 6 weeks614767547 to 8 weeks7 to 8 weeks867481959 to 10 weeks9 to 10 weeks212211511 to 12 weeks11 to 12 weeks443446213 to 16 weeks13 to 16 weeks213211117 to 24 weeks17 to 24 weeks335442225 to 37 weeks25 to 37 weeks121321*38 to 53 weeks38
260、to 53 weeks11*11*553 or more weeks53 or more weeks1*1*Median weeksMedian weeks2 23 31 12 22 23 32 2NUMBER OF TIMES ASKING PRICE WAS REDUCED 2023 NAR Home Buyers and Sellers Generational Trends116Exhibit 6-21(Percentage Distribution)AGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224
261、 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97None,did not reduce the asking None,did not reduce the asking priceprice72%74%82%74%74%59%59%OneOne234TwoTwo4333656ThreeThree23*3331Four or moreFour or more32*2*11*Less than 1 percentINCENTIVES OFFERED T
262、O ATTRACT BUYERS,BY NUMBER OF WEEKS HOME WAS ON THE MARKET 2023 NAR Home Buyers and Sellers Generational Trends117Exhibit 6-22(Percent of Respondents)*Less than 1 percentAGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 76
263、68 to 7677 to 9777 to 97NoneNone80%81%84%82%81%72%82%Home warranty policiesHome warranty policies811568181Assistance with closing costsAssistance with closing costs86555514Credit toward remodeling or repairsCredit toward remodeling or repairs75775154Other incentives,such as a car,flat Other incentiv
264、es,such as a car,flat screen TV,etc.screen TV,etc.2123312Assistance with condo association feesAssistance with condo association fees1*2*OtherOther3232239SATISFACTION WITH THE SELLING PROCESS 2023 NAR Home Buyers and Sellers Generational Trends118Exhibit 6-23(Percentage Distribution)72%71%72%69%75%6
265、7%76%19%21%22%22%18%19%20%4%6%4%6%4%3%3%4%3%1%2%3%12%1%0%20%40%60%80%All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Very SatisfiedSomewhat SatisfiedSomewhat DissatisfiedVery DissatisfiedURGENCY OF SALE2023 NAR Home Buyers and Sellers Generational Trends119Exhibit 6-24(Percentage Distribu
266、tion)AGE OF HOME SELLERAGE OF HOME SELLERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Very urgently,needed to Very urgently,needed to sell home as quickly as sell home as quickly as possiblepossible9%15%18%11%9%4%6%Somewhat urg
267、ently,had to Somewhat urgently,had to sell home but within a sell home but within a reasonable time framereasonable time frame444Not urgently,waited for Not urgently,waited for right offer for homeright offer for home49373642555750Chapter 7Home Selling and Real Estate Professionals1202023
268、 NAR Home Buyers and Sellers Generational TrendsHome Selling and Real Estate ProfessionalsSixty-three percent of recent home sellers used a referral or the same real estate agent they had worked with in the past.That number jumped to 76 percent for Older Millennial sellers.Thirty-nine percent of sel
269、lers used the same agent to buy and sell their homes.As age increased,using the same agent declined as distance moved increased.Forty-six percent of the Silent Generation used the same agent versus 67 percent among Younger Millennial sellers.Eighty-six percent of sellers listed their homes on the Mu
270、ltiple Listing Service(MLS),which was the number one source for sellers to list their homes,followed by yard signs.The typical seller has recommended their agent once since selling their home.Thirty-seven percent of sellers recommended their agent three or more times since selling their home.That nu
271、mber jumped to 47 percent among Younger Millennials.Eighty-five percent said that they would definitely(73 percent)or probably(12 percent)recommend their agent for future services.Older Millennials were the most likely to definitely recommend their agent(83 percent).1212023 NAR Home Buyers and Selle
272、rs Generational TrendsHome Selling and Real Estate Professionals1222023 NAR Home Buyers and Sellers Generational TrendsExhibit 7-1 METHOD USED TO FIND REAL ESTATE AGENTExhibit 7-2 NUMBER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOMEExhibit 7-3 DID SELLER USE THE SAME REAL ESTA
273、TE AGENT FOR THEIR HOME PURCHASE?Exhibit 7-4 HOME LISTED ON MULTIPLE LISTING SERVICEExhibit 7-5 LEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENTExhibit 7-6 WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS,BY LEVEL OF SERVICE PROVIDED BY THE AGENTExhibit 7-7 MOST IMPORTANT FACTOR IN CHOOSING A REAL E
274、STATE AGENT TO SELL HOME,BY LEVEL OF SERVICE PROVIDED BY THE AGENTExhibit 7-8 METHODS REAL ESTATE AGENT USED TO MARKET HOMEExhibit 7-9 NEGOTIATING THE COMMISSION RATE OR FEE WITH THE REAL ESTATE AGENTExhibit 7-10 WOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERSExhibit 7-11 HOW MANY TI
275、MES SELLER RECOMMENDED TYPICAL AGENTExhibit 7-12 AGENT COMPENSATIONMETHOD USED TO FIND REAL ESTATE AGENT 2023 NAR Home Buyers and Sellers Generational Trends123Exhibit 7-1(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to 3224 to 3233 to 4233 t
276、o 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Referred by(or is)a friend,neighbor or relativeReferred by(or is)a friend,neighbor or relative36%41%42%36%40%30%34%Used agent previously to buy or sell a homeUsed agent previously to buy or sell a home27343424262329Personal contact
277、by agent(telephone,ePersonal contact by agent(telephone,e-mail,mail,etc.)etc.)55181106Referred by another real estate agent/brokerReferred by another real estate agent/broker5832732Website(without a specific reference)Website(without a specific reference)5719522Direct mail(newsletter,flyer,postcard,
278、etc.)Direct mail(newsletter,flyer,postcard,etc.)3*132Walked into or called office and agent was on Walked into or called office and agent was on dutyduty2*1124*Saw contact information on For Sale/Open House Saw contact information on For Sale/Open House signsign2*32117Visited an open house and met a
279、gentVisited an open house and met agent1*11122Referred through employer or relocation Referred through employer or relocation companycompany11111*2Newspaper,Yellow Pages or home book adNewspaper,Yellow Pages or home book ad1*1*2Crowdsourcing through social media/knew the Crowdsourcing through social
280、 media/knew the person through social mediaperson through social media1*1*2Saw the agents social media page without a Saw the agents social media page without a connectionconnection*1*1Advertising specialty(calendar,magnet,etc.)Advertising specialty(calendar,magnet,etc.)*1*1OtherOther7NUM
281、BER OF AGENTS CONTACTED BEFORE SELECTING ONE TO ASSIST WITH SALE OF HOME 2023 NAR Home Buyers and Sellers Generational Trends124Exhibit 7-2(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 t
282、o 6768 to 7668 to 7677 to 9777 to 97OneOne80%90%90%83%80%72%83%TwoTwo1ThreeThree73253165FourFour1*121*Five or moreFive or more11111*1DID SELLER USE THE SAME REAL ESTATE AGENT FOR THEIR HOME PURCHASE?2023 NAR Home Buyers and Sellers Generational Trends125Exhibit 7-3(Percentage Distribution
283、 Among Sellers Who Used an Agent to Purchase a Home)39%67%57%35%31%36%46%61%33%43%65%69%64%54%0%20%40%60%80%All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Used same agentUsed new agentHOME LISTED ON MULTIPLE LISTING SERVICE 2023 NAR Home Buyers and Sellers Generational Trends126Exhibit 7
284、-4(Percentage Distribution)86%83%84%85%87%89%81%4%3%2%4%5%4%7%10%15%14%11%8%7%12%0%20%40%60%80%100%All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97Listed on MLSDid not list on MLSDont knowLEVEL OF SERVICE PROVIDED BY THE REAL ESTATE AGENT 2023 NAR Home Buyers and Sellers Generational Tren
285、ds127Exhibit 7-5(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97A broad range of services and A broad range of services and management of most aspects of the management of
286、 most aspects of the home home 83%83%88%89%87%74%89%A limited set of services as requested by A limited set of services as requested by the seller the seller 76555103The agent listed the home on the MLS The agent listed the home on the MLS and performed few if any additional and performed few if any
287、 additional servicesservices1011668158WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS,BY LEVEL OF SERVICE PROVIDED BY THE AGENT 2023 NAR Home Buyers and Sellers Generational Trends128Exhibit 7-6(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to
288、3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Help price home competitivelyHelp price home competitively23%23%23%27%21%21%20%Help seller market home to potential buyersHelp seller market home to potential buyers237Help sell the home within speci
289、fic timeframeHelp sell the home within specific timeframe15Help find a buyer for homeHelp find a buyer for home15Help seller find ways to fix up home to sell it for Help seller find ways to fix up home to sell it for moremore17Help with paperwork/inspections/preparin
290、g for Help with paperwork/inspections/preparing for settlementsettlement71073889Help with negotiation and dealing with buyersHelp with negotiation and dealing with buyers6647742Help seller see homes available to purchaseHelp seller see homes available to purchase3446113Help create and post videos to
291、 provide tour of Help create and post videos to provide tour of homehome1*11122OtherOther12*1*11MOST IMPORTANT FACTOR IN CHOOSING A REAL ESTATE AGENT TO SELL HOME,BY LEVEL OF SERVICE PROVIDED BY THE AGENT 2023 NAR Home Buyers and Sellers Generational Trends129Exhibit 7-7(Percentage Distribution)*Les
292、s than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Reputation of agentReputation of agent36%26%40%37%40%29%39%Agent is honest and trustworthyAgent is honest and trustworthy
293、415Agent is friend or family memberAgent is friend or family member211Agents knowledge of the neighborhoodAgents knowledge of the neighborhood7Agent has caring personality/good Agent has caring personality/good listenerlistener5645663Agents commissionAgents commission41535313Ag
294、ents association with a particular firmAgents association with a particular firm3211352Agent seems 100%accessible because of Agent seems 100%accessible because of use of technology like tablet or use of technology like tablet or smartphonesmartphone2121242Professional designations held by agentProfe
295、ssional designations held by agent*2*2OtherOther4*16345METHODS REAL ESTATE AGENT USED TO MARKET HOME 2023 NAR Home Buyers and Sellers Generational Trends130Exhibit 7-8(Percent of Respondents Among Sellers Who Used an Agent)AGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to 3224 to 3233 to
296、 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Multiple Listing(MLS)websiteMultiple Listing(MLS)website83%79%83%84%86%81%81%Yard signYard sign660RR52555256535141Real estate agent websiteReal estate agent website50464848564654Real estate company websiteReal esta
297、te company website47394946474753Third party aggregator Third party aggregator 42695546403729Open houseOpen house403Social networking Web sites(e.g.Social networking Web sites(e.g.Facebook,Twitter,etc.)Facebook,Twitter,etc.)3Virtual toursVirtual tours515VideoVideo1058
298、171098Direct mail(flyers,postcards,etc.)Direct mail(flyers,postcards,etc.)71537149Other Web sites with real estate listings Other Web sites with real estate listings 72108757Online classified ads Online classified ads 5343736Print newspaper advertisementPrint newspaper advertisement4433642Real estat
299、e magazine websiteReal estate magazine website4733622Real estate magazineReal estate magazine4634432Virtual open housesVirtual open houses3523224Video hosting Web sitesVideo hosting Web sites1*12112TelevisionTelevision1*11*8OtherOther3332453*Less than 1 percentNEGOTIATING THE COMMISSION RATE OR FEE
300、WITH THE REAL ESTATE AGENT 2023 NAR Home Buyers and Sellers Generational Trends131Exhibit 7-9(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Real estate agent initiated di
301、scussion of Real estate agent initiated discussion of compensationcompensation46%34%48%53%46%46%29%Client brought up the topic and the real Client brought up the topic and the real estate agent was able and willing to estate agent was able and willing to negotiate their commission or feenegotiate th
302、eir commission or fee226Client brought up the topic and the real Client brought up the topic and the real estate agent was unwilling or unable to estate agent was unwilling or unable to negotiate their commission or feenegotiate their commission or fee5414665Client did know commissions an
303、d fees could Client did know commissions and fees could be negotiated but did not bring up the topicbe negotiated but did not bring up the topic18Client did not know commissions and fees Client did not know commissions and fees could be negotiatedcould be negotiated12273%72%83%
304、73%73%68%72%12%13%10%13%15%11%11%7%11%3%7%6%7%13%7%5%3%4%6%14%2%1%*1%3%1%1%1%0%20%40%60%80%100%All Sellers24 to 3233 to 4243 to 5758 to 6768 to 7677 to 97DefinitelyProbablyProbably NotDefinitely NotDont Know/Not SureWOULD SELLER USE REAL ESTATE AGENT AGAIN OR RECOMMEND TO OTHERS 2023 NAR Home Buyers
305、 and Sellers Generational Trends132Exhibit 7-10(Percentage Distribution)*Less than 1 percentHOW MANY TIMES SELLER RECOMMENDED TYPICAL AGENT 2023 NAR Home Buyers and Sellers Generational Trends133Exhibit 7-11(Percentage Distribution)AGE OF HOME BUYERAGE OF HOME BUYERAll SellersAll Sellers24 to 3224 t
306、o 3233 to 4233 to 4243 to 5743 to 5758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97NoneNone36%27%26%29%36%47%44%One timeOne time7Two timesTwo times23Three timesThree times1015981083Four or more timesFour or more times27322831262722Times recommended Times recommended since buyi
307、ng(median)since buying(median)1 12 22 22 22 21 11 1AGENT COMPENSATIONAGENT COMPENSATION2023 NAR Home Buyers and Sellers Generational Trends134Exhibit 7-12(Percentage Distribution)*Less than 1 percentAGE OF HOME BUYERAGE OF HOME BUYERAll BuyersAll Buyers24 to 3224 to 3233 to 4233 to 4243 to 5743 to 5
308、758 to 6758 to 6768 to 7668 to 7677 to 9777 to 97Paid by sellerPaid by seller74%69%68%77%72%78%71%Percent of sales pricePercent of sales price90888991919091Flat feeFlat fee5645553Per task feePer task fee*OtherOther1*32*11Dont knowDont know4652445Paid by buyer and sellerPaid by buyer and seller141313
309、11171611Paid by buyer onlyPaid by buyer only813158748OtherOther1*112*Dont knowDont know36433211Methodology1352023 NAR Home Buyers and Sellers Generational TrendsIn July 2022,NAR mailed out a 129-question survey using a random sample weighted to be representative of sales on a geographic basis to 153
310、,045 recent home buyers.The recent home buyers had to have purchased a primary residence home between July of 2021 and June 2022.A total of 4,854 responses were received from primary residence buyers.After accounting for undeliverable questionnaires,the survey had an adjusted response rate of 3.2 pe
311、rcent.Respondents had the option to fill out the survey via hard copy or online.The online survey was available in English and Spanish.Consumer names and addresses were obtained from Experian,a firm that maintains an extensive database of recent home buyers derived from county records.Information ab
312、out sellers comes from those buyers who also sold a home.All information in this Profile is characteristic of the 12-month period ending June 2022,with the exception ofincome data,which are reported for 2021.In some sections,comparisons are also given for results obtained in previous surveys.Not all
313、 results are directly comparable due to changes in questionnaire design and sample size.NATIONAL ASSOCIATION OF REALTORSSome results are presented for the four U.S.Census regions:Northeast,Midwest,South,and West.The median is the primary statistical measure used throughout this report.Due to roundin
314、g and omissions for space,percentage distributions may not add to 100 percent.Data gathered in the report is based on primary residence home buyers.The definitions of the generations used to distinguish home buyers and sellers were based on a study published in the REALTOR Universitys Center for Rea
315、l Estate Studies journal article titled,Generational Trends in Homeownership:An Era of Renters?by Glenn E.Crellin.Additional splitting of older baby boomer age groups and younger baby boomer age groups were modeled on research from the Pew Research Center,Generations 2010.1362023 NAR Home Buyers and
316、 Sellers Generational TrendsYear Born:Year Born:Age in 2022:Age in 2022:Gen Zers:Gen Zers: to 23Younger Gen Y/Millennials:Younger Gen Y/Millennials: to 32Older Gen Y/Millennials:Older Gen Y/Millennials: to 42Gen Xers:Gen Xers: to 57Younger Boomers:Younger
317、Boomers: to 67Older Boomers:Older Boomers: to 76Silent Generation:Silent Generation: to 97NATIONAL ASSOCIATION OF REALTORSNATIONAL ASSOCIATION OF REALTORSThe National Association of REALTORS is Americas largest trade association,representing more than 1.6 million mem
318、bers,including NARs institutes,societies and councils,involved in all aspects of the real estate industry.NAR membership includes brokers,salespeople,property managers,appraisers,counselors and others engaged in both residential and commercial real estate.The term REALTOR is a registered collective
319、membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics.Working for Americas property owners,the National Association provides a facility for professional development,research and exchange of infor
320、mation among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.RESEARCH GROUPRESEARCH GROUPThe Mission of the NATIONAL ASSOCIATION OF REALTORS Research Group is to produce timely,data-driven market analysis and au
321、thoritative business intelligence to serve members,and inform consumers,policymakers,and the media in a professional and accessible manner.To find out about other products from NARs Research Group,visit www.nar.realtor/researchwww.nar.realtor/research-andand-statisticsstatistics.NATIONAL ASSOCIATION
322、 OF REALTORSNATIONAL ASSOCIATION OF REALTORSResearch Group500 New Jersey Avenue,NWWashington,DC 20001202-383-1000datanar.realtordatanar.realtor2023 National Association of REALTORS All Rights Reserved.May not be reprinted in whole or in part without permission of the National Association of REALTORS.For reprint information,contact datanar.realtordatanar.realtor