I think profiling is wrong but thought it would make a catchy headline for today’s article about Minnesota home sellers. Yesterday I wrote about home buyers using this same report from Minnesota Realtors. I found it interesting that the median income of the typical home seller is the same as that of the typical home buyer at 93.3K.
The typical seller is 12 years older than the typical buyer. The oldest homeowners I have ever worked with were in their late 80’s. The youngest was just under 30.
Even though surveys indicate that most home sellers would use the same agent again only about 13% actually do. There is no data on why only theories and widely held beliefs that are not backed up with facts or data.
Back when I first started in real estate (3/2002) we were taught that people move every 7 years. That number has been going up. It is more like every 15 years. Younger people used to move more often. Older people do not move as often and our population has aged.
You may also notice that 21% of the sellers in 2020 offered incentives to buyers. Those must be sellers in areas where the demand is lower. Here in the metro area incentives are not needed, houses sell quickly and for top dollar even in areas where there was unrest last summer.
The report I am referencing also had information about people who sell their homes (gasp) without the help of a Realtor.
The numbers are national and show that agent assisted homes sold for a median of 242, 300K while homes sold without an agent’s help sell for 217,900. Apparently, a relationship between the numbers is assumed. If there is a relationship Realtors are contributing to higher home prices.
