Massachusetts Profile of Home Buyers & Sellers - Interesting Statistics

This annual survey is conducted by the National Association of REALTORS of recent home buyers and sellers.  The results below are specific for Massachusetts.    I think you will find it very interesting and also useful whether you are thinking about buying or selling.   

2014 Profile of Home Buyers and Sellers

Massachusetts Report

Characteristics of Home Buyers and their Experience:

• 94% of buyers used the internet in some way for their home search process and 53% used a mobile website

• 97% of the Buyers felt real estate agents were viewed as a useful information source.

• Typical homebuyer in Massachusetts searched 16 weeks for a home and viewed 10 homes.

• 89% of buyers were satisfied with their home buying process.

• 91% of the buyers purchased their home through a real estate agent.

• 88% of the buyers would recommend their agent to others.

• 84% of buyers believe their home is a good financial investment.

Characteristics of Home Sellers their Experience

• Typical seller in Massachusetts lives in their home for 10 years.

• 92% of sellers used a real estate agent.

• Sellers typically sold their home for 97% of the listing price and 49% reduced the asking price at least once.

• Only 14% of sellers offered incentives to buyers.

• 69% of home sellers contacted just one agent.  45% found their agent due to a recommendation from family member or friend and 26% worked with their agent previously.

• 83% of the home sellers would recommend their agent again.

• The share of home sellers who sold their home without an assistance of a real estate was only 7%.  49% knew the buyer prior to home purchase.