In this three-part series on analytical research about buyers and sellers, here are some key takeaways from NAR’s 2021 Profile on Buyers and Sellers.
Pandemic- Inspired Market Shifts/Constants Likely to Affect 2022 Housing Market
The 2021 Profile of Home Buyers and Sellers compiled and published by the National Association of REALTORS® (NAR) is rich in facts, demographics, trends and takeaway information that will help guide agents, teams and brokers with their 2022 strategic business and action planning.
READ: 2022 Top Agent Success Secrets [Revealed]: New FREE Real Estate Coaching Web Event, Revealing 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Get Your FREE Spot For The 2022 Real Estate Coaching Webinar Now. After You Have Attended This Event You Will Have A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could. YES, I Want To Attend The FREE Webinar! <——Click To Register
One key constant from 2021 that will definitely carry over to 2022, 89% of all home buyers and sellers look to real estate agents and brokers to guide them through the homebuying/selling process. They rely on their agents/brokers to represent them, their housing goals, and their financial interests.
Highlights from NAR’s 40th Edition of its Profile of Home Buyers and Sellers.
Single Women Buyers and Sellers Were Dominant in 2021
Single women more than stepped up to the plate of homebuying and selling in 2021. Single women buyers outpaced single male buyers by more than 2 to 1 and nearly doubled their market share during the 40-year span of this report.
89% of single women homebuyers purchased their homes with the assistance and advice of real estate agents/brokers. No other buyer demographic came close to working with agents/brokers more than single women.
Single women buyers know what they want to purchase; 30% of them did not make compromises in their home choices. Also, along with single males, single women buyers were most likely to purchase townhouses or row rather than any other type of housing.
Purchase/Seller Choices Centered Around Proximity to Friends & Family
In pre-pandemic years, proximity to work and affordability were the key factors that influenced purchase choices. Remote working options and isolation/social distancing realities in 2021 refocused buyers to choose neighborhoods/houses that were close to their families and friends.
Remote working options and quarantining also refocused sellers. Many sellers sold their homes to be closer to their families and friends and to live in larger houses that would provide room for multiple family members to work and learn remotely.
Finding “Right” Home Considered Biggest Challenge to Buyers
Despite listing information being more available than ever, finding the “right” home was more difficult than ever. Staggeringly low inventory and staggeringly high prices were the culprits. Highly competitive bidding wars only made the “right” home more evasive.
Reduced Tenure in Home
NAR’s report indicated that shortened tenure in the home, from 10 years to 8 years, was the largest single-year change in home tenure ever. NAR attributed this change to either remote working or the irresistibility of record-hit home values for sellers.
Thanks to the National Association of REALTORS®.
