TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/134983
Dress code Today's Seller It's a seller's game as home prices continue to rise; here, a peek at today's typical seller. T he market is prime for today's seller. These homeowners are throwing their chips in and seeing the offers shoot up as consumers clamor to buy the shrinking inventory on the market today. And, sellers are definitely ready to move. According to a recent Trulia survey, the number of homeowners who have regrets about their homes is 55 percent, which is down from the 63 percent high during the crisis, but up from 43 percent prior to 2002. The market is also seeing a rise of investors looking to grab properties and sell them quickly. The National Association of Realtors offers some insight on what the average seller looks like today. The Skinny on Sellers: Sellers are typically in their homes for nine years. {53} Average age. { $95,400} Median income. {11 weeks} Average number of days on the market. Sellers typically moved 19 miles from their original homes. Type of Home Purchased After Selling: {46%} Moved to a Larger Home. {29%} Bought a Comparably Sized Home. {25%} Downsized After living in the home for nine years, sellers typically saw a median equity gain of $20,000, or 12%. After living in their homes for 11–15 years, sellers typically saw a median equity gain of $54,000, or 31%. How They Sell: Sellers typically found a real estate agent; 80 percent used a full-brokerage that oversaw the details of the transaction and handled multiple functions. Around 8 percent of sellers chose limited services, which can include discount brokerages. And, 12 percent used minimal service such as simply listing a property on a multiple service. Some owners did it themselves, accounting for 9 percent of transactions. Is Your Appraiser the Most Qualified? Our professional appraisers are required to pass strict background checks and complete continuous appraisal training, which underscores our commitment to quality. • Designated field and desk review experts in branch offices located in over 50 metropolitan markets • Fully compliant process using FNC's Collateral Management System • Every appraisal is thoroughly examined by our internal quality control department The median list price was $215,000 for those who used the services of an agent, well above the $174,900 median price for a home sold by the owner. {$80,400} Median Income for Sale-By-Owner {$97,600} Median Income for Sale-By-Owner To learn how Metro-West can help you, visit www.metrowestappr.com or call us at (888) 676-9237. The M Report | 17