Home Buying Insights

Agent-Assisted Purchases: 89% of buyers recently purchased their homes through a real estate agent or broker, while 6% bought directly from the previous owner.

Top Priority: For 50% of buyers, having an agent help them find the right home was the most important factor when choosing an agent.

Referral Sources: 43% of buyers used an agent referred by a friend, neighbor, or relative. Additionally, 13% used an agent they had previously worked with, 7% found their agent when inquiring about a specific property online, and another 7% found their agent through a website without a specific reference.

Quick Decisions: 71% of buyers interviewed only one real estate agent during their home search.

High Satisfaction: 90% of buyers would use their agent again or recommend them to others.

Financing Trends: 80% of recent buyers financed their home purchase, a slight increase from 78% last year but still below the 87% seen in 2021.

Down payment Averages: First-time buyers typically made an 8% down payment, while repeat buyers averaged a 19% down payment.

Sources of Down payment: Savings were the source for 54% of buyers. Among repeat buyers, 53% used proceeds from selling a previous home, while 23% of first-time buyers received gifts or loans from friends or family.

Challenges for First-Time Buyers: For 38% of first-time buyers, saving for a down payment was the most challenging part of the home-buying process.

Financial Sacrifices: Many first-time buyers made financial sacrifices to purchase a home, most commonly cutting spending on luxury goods, entertainment, and clothing.

Investment Perspective: 82% of buyers view purchasing a home as a good financial investment.