Who Are Today’s Homebuyers and Sellers?

The Illinois Association of Realtors issued their September magazine recently, and I found some interesting facts about today’s homebuyers and sellers I’d like to share.

1) Sellers typically live in a home an average of eight years before they move.

2) 87% of new homebuyers use a real estate agent or broker.

3) 36% of buyers want a home that is move-in ready.

4) First time buyers make up 34% of all buyers.

5) FSBO sales typically sell for less and account for only 7% of the most recent home sales. A home listed by an agent could sell for $318k, while that same home listed for sale by owner would only sell for $260k.