SELLERS - 75% of the sellers are married. Their median age is 49. 40% have at least one child under 18. Age makes a difference in the size of the home purchased. 18-34 years old bought homes 100 sq ft bigger than the median. 35-44 traded up to homes 200 sq ft bigger than the median. 55-64 bought smaller homes, downsizing.
HOW LONG DID THEY OWN THEIR HOMES AND HOW MUCH EQUITY? The typical home seller owned the home home for 8 years. Detached single family home, which are the larger share of property sold, owned their homes for 9 years. Condos with more than 5 units, 6 years. The longer you owned a home generated a higher equity than those owned fewer years. The good news is that the average dollar equity was $33,000 according to NAR.
WHY DID THEY SELL? 21% sold because the home was too small. Job relocation - 15%, they were in the 45 to 54 age group. 55 years an older it was to move closer to friends and family.
WHAT PERCENTAGE USED A REAL ESTATE PROFESSIONAL? In 2001 the number was 71%. In 2010 it is up to 88%. Nearly 9 out every 10 homes sold used a real estate professional.