NAR: What’s Happening in the Real Estate Market Today

It’s good news in the real estate market, according to the latest National Association of Realtors 2016 Profile of Home Buyers and Sellers. First-time homebuyers are re-emerging. Getting a mortgage has become easier with less money required for down payments. Homes are selling faster than they have in the past few years. And while technology has changed the way people shop for and sell homes, the role of the real estate agent remains as strong as ever.

Here’s a more in-depth look at these results.*

First-time buyers are coming back.
Thirty-five percent of the market were first-time homebuyers, an increase over last year’s low of 32 percent.

Homes are selling faster than they were in past years.
In the past year, homes sold in about a month as opposed to 11 weeks in 2012.

Gone are the days of 20 percent down payments, making it easier for people to get a mortgage.
First-time homebuyers typically financed 96 percent of their home compared to 84 percent for repeat buyers.

The role of the Realtor is as important as ever.Eighty-nine percent of sellers used an agent to sell their home, and 88 percent of buyers worked with an agent.

November 10, 2016
*All data from the NAR 2016 Buyer and Seller Survey. Article is from the Long & Foster News Room.