Insights from NAR's 2024 Buyer & Seller Profile

Main Points:

• New vs. Existing: Majority of homes purchased were existing. New construction has 10% more market share than national figures with 25% of all transactions involving new construction.
• Why New or Existing?: Home buyers are choosing new construction to avoid renovations/repairs, the ability to customize the home, and community amenities. We have to believe that “other” includes lower closing costs and interest rates. Existing homes are being chosen for their perceived value compared to new homes (similar to cars). These stats suggest you should highlight the charm and character of existing homes if possible.
• Factors influencing neighborhood choice: Quality, convenience, and affordability impacted neighborhood choice significantly. Are you spending time highlighting these aspects of your listings?
• Percent of Asking Price Received: Over 60% of all properties sold for 95-100% of their listing price. An impressive 19% sold above the asking price.
• Beds and Baths: The most popular configuration by far is the 3/2 house. Next is the 3/3. If a buyer is looking to maximize resell options, they should target this sized house. Sellers of homes outside these should recognize that the interested market is far smaller and adjust expectations accordingly.
• Buyer Compromises: First time buyers compromised on price, condition, size and style of home. Repeat buyers made fewer compromises as expectations and resources were more in line with what the market demanded.
• How long will you own?: Buyers are expecting to stay in a home for 15 years. This is 50% higher than in the early 2000’s when buyers expected to live in a home for 10 years. How much work would your property need over 15 years? Is it set up to be durable for the long-term? Alternatively, the Federal Reserve reports a lower tenure expectation overall with those over 50 expecting a longer tenure and those under 50 looking at owning as a 2-5 year timeline.
• Reason for move: Most people are moving due to major life events. Agents should create resources for people going through these events and purchasing a home to connect on a deeper level.

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