ASK THE EXPERT Who has been selling their homes during Covid 19? This information is compiled by the National Association of Realtors (NAR) annually and they publish the Profile of Home Buyers and Sellers report. This 2020 report is from July 2019 to July 2020 which of course includes the impact of Covid 19 and is a snapshot of the entire USA. • The typical seller was 56 years old with median household income of $107,100. • The most commonly cited reason for selling at 15% was the desire to move closer to family and friends. Moving for a larger home is 14% and change in family situation is 12%. • Sellers typically lived in their homes 10 years before selling which is similar to the year before. • 89% of sellers worked with a Real Estate Agent. • 91% listed their homes on the MLS. • Homes were sold in a median of 3 weeks. • The final sales price was a median of 99% of the final listing price • In 2020, homes sellers sold their home a median of $66,000 more than they purchased it. For Sale by Owner (FSBO) Sellers • 8% of recent homes sales were FSBO. This is the lowest since reporting started in 1981. • The median age for FSBO sellers is 57, with 64% being married couples that have a median household income on $96,700. • FSBOs typically sell for less than selling price of other homes. The median sales price for FSBO homes last year was $217,900 vs $242,300 for homes with sold with agent assistance. • FSBO homes sold more quickly than agent assisted homes. 77% sold in less than two weeks with many being sold to someone the seller knows. • 81% of successful FSBO sellers who knew the buyer were satisfied with the process. Sales Before and After Covid-19 • As mentioned above the top reason to sell before April was to be closer to family and friends. After Covid-19 the main reason to sell was because their home was too small • Home sellers who sold after March indicated an urgency in their need to sell their home at 46% vs 39% before April. • Home sellers who sold their home after March sold for $300,000 vs $270,700 before March. The 2021 report is going to be very interesting as we start out 1st quarter in a very competitive sellers’ market. Check out the complete Profile of Home Buyers and Sellers by the NAR at: highlights-from-the-profile-of-home-buyers-and-sellers Wythe Shockley Distinguished Achiever ABR, SRES, RENE Licensed Realtor in the Commonwealth of VA Find your next home at 804.874.0579