Realtor.com: What Home Buyers and Sellers Need to Know About Today’s Crazy Housing Market
Great article from Realtor.com regarding trends in the housing market.
Buyers need to understand their competition if they’re going to get a leg up over them. But they should also know who’s putting these properties on the market.
Sellers tended to be a bit older than buyers, with a median age of 55. They also made a little more, with a median household income of $98,800.
They tended to have lived in their homes for nine years. Although they had a variety of reasons for selling, chief among them were that their current home was too small, they wanted to be closer to family and friends, or they had to relocate for work.
These homes tended to fly off the market, going under contract within a median three weeks. And the owners made bank on the sales, with a median $55,500 profit over what they originally paid for their homes.