The Changing Face of Home Sellers – A 2024 Look at Who’s Cashing In
In today's real estate market, sellers have become a unique demographic: older, more established, and still in the driver’s seat when it comes to pricing. According to the National Association of Realtors (NAR), the average age of home sellers has reached an all-time high of 63, a sharp rise from 45 back in 2007. This shift not only reflects broader demographic changes but also speaks to a market where homeowners are holding onto their properties longer, often for a decade or more. The main motivators for sellers today are relational and practical. Many are seeking to move closer to family or find a home size that’s just right. More than ever, sellers are staying child-free, with a record 77% of households not having children under 18 at home. This trend mirrors the growing tendency of buyers to be child-free, suggesting that family structure is increasingly flexible in homeownership decisions. From a pricing perspective, sellers are on solid ground. For homes listed for four weeks or less, sellers are typically receiving 100% of their asking price. In fact, only 35% of sellers felt the need to adjust their listing price, and incentives like closing cost assistance or home warranties were offered far less frequently than in past years. With inventory tight and mortgage rates high, sellers continue to hold the upper hand. Interestingly, while the traditional for-sale-by-owner (FSBO) route remains an option, it’s becoming less effective in today’s market. FSBO listings made up just 6% of sales this past year, with these homes often selling for less than those listed by agents. The majority of sellers—around 90%—chose to work with a listing agent, leaning on their expertise to achieve a competitive sale price and navigate the complexities of the current market. Detached single-family homes are still the gold standard in today’s market, with 81% of sales falling into this category. Despite changes in household composition, the preference for standalone properties underscores the value many Americans place on privacy, space, and long-term investment potential. The bottom line? Today’s home seller is likely to be a seasoned, savvy homeowner, and the market reflects their priorities and preferences. Whether they’re downsizing, relocating, or simply ready for change, these sellers are getting full value for their homes, often without needing to sweeten the deal. As we move forward, understanding this seller profile can be invaluable for both buyers and agents navigating a competitive landscape. Source: https://www.realestatenews.com/2024/11/08/typical-seller-is-older-than-ever-gets-full-asking-price
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