All but the oldest of buyers started their home search online. All generations typically looked at 10 homes over a 10 week period. Eighty-eight percent of purchases were financed. Millennials were most likely to consider buying a foreclosure property. Overall, buyers expect to live in their homes for a median of 12 years.
The typical seller sold their home for $43,100 more than they paid. Homes typically sold for 98% of the final listing price. The typical home purchased was 1,900 square feet with 3 bedrooms and 2 bathrooms, built in 1991.
Regardless of age, buyers and sellers continue to rely on real estate agents and brokers. In the 2017 study, nearly 90 percent of buyers and sellers worked with a real estate professional. This kept for-sale-by-owner transactions down to their lowest share ever (8 percent.) All generations of buyers relied on real estate professionals to help them find the right home, negotiate terms of the sale and help with price negotiations. Sellers also turned to real estate professionals to help market their home to potential buyers, sell within a specific time frame and price their home competitively.