According to the 2011 National Association of Realtors’ Profile of Home Buyers and Sellers, nine out of ten buyers used a real estate agent or broker for their transaction. That’s 89% – the highest percentage in the last 10 years.
Buyers still rely on the expertise and experience of real estate professionals to find the right home, negotiate price and assist with the transaction process. Sellers are using agents more too. The Profile found that FSBOs accounted for only 10% of sales – and only 6% when you factor in sales between friends/family.
Graph from AGBeat.com
Housing inventories are down and list prices are up, according to real estate search site, Realtor.com. In September, the national inventory of homes for sale (single family homes, condos, townhouses and co-ops) dropped 3.27 percent from August and an astonishing 20 percent year over year. Additionally, the median list price rose 1.6 percent to $190,000 compared to one year ago- not a substantial jump, but a positive sign that it has not fallen.
Realtor.com was cautious optimistic stating, “While such developments can be viewed as encouraging, markets remain fragile and could easily begin to deteriorate with further weakening of the economy or increases in foreclosure rates.”
Think advertising homes in the Fall and Winter months isn’t worth your time and money? Consider this: In the past three years, national home sales have averaged 488,000 units sold in the months of September through December.
Using the average U.S. sales price of $170,000, over $4 billion in commissions is generated during these “slow months.” But if your listings aren’t advertised, you may be missing out. Homes & Land can help.
National Home Sales by month 2008 – 2010: