Homebuyers needed the help of a real estate professional to find the right home, negotiate terms of sale and help with price negotiations, according to the NAR 2021 Home Buyers and Sellers Generational Trends Report. Between July 2019 and June 2020, 15% of homebuyers bought new homes and 85% bought previously owned homes, according to the report. The most frequent buyers of new homes were ages 66 to 74 at 19%, followed by buyers 41 to 55 years at 18%. The typical home purchased was a detached single-family, 1,900-square-foot home with three bedrooms and two baths built in 1993.
The report’s survey also found that of those who bought homes from July 2019 to June 2020:
- 88% of all buyers purchased their home through an agent (91% of buyers 30 years and younger and 89% of buyers 31 to 40).
- Buyers from all generations primarily wanted their agent’s help to find the right home to purchase at 51%. Buyers were also looking for help to negotiate the terms of sale and to help with price negotiations.
- Referrals remain the primary method whereby most buyers found their real estate agent. Referrals by friends, neighbors or relatives were higher among younger buyers—30 years and younger (52%) and 31 to 40 (45%)—compared to older generations.
- Older buyers were more likely to work with an agent they had previously used to buy or sell a home.
- 34% of buyers interviewed only one real estate agent during their home search.
- 9 in 10 buyers would use their agent again or recommend their agent to others, consistent across all generations.
Photo: iStock.com/ljubaphoto
