The 2017 Profile of Home Buyers and Sellers shows that 87% of people who bought homes this year hired a real estate agent to help them buy a home. According to the profile, 83% of first-time home buyers find working with a real estate agent beneficial while 48% of repeat home buyers find it beneficial to work with a real estate agent beneficial.
The real estate agent was compensated by only the seller in 54% of the sales while in 21% of the transactions, both the seller and the buyers compensated the agent. 52% of the buyers needed help when looking for the right home to buy followed by 13% who needed help negotiating the terms of sale. 11% of the buyers, on the other hand, needed help with price negotiations.
These 3 things are common among both first-time and repeat home buyers. Repeat buyers needed help with knowing the selling price of comparable homes. First-time home buyers, on the other hand, needed help with paperwork, arranging financing and determining how much house they can afford.
Single men were more likely to need help when it comes to arranging financing but less likely to need help when it comes to negotiating the terms of sale. 51% of first-time home buyers found the real estate agent they hired through a referral from a relative, neighbor or friend while 37% of the repeat buyers found the agent through a referral.
17% of the repeat home buyers chose a real estate agent they had worked with before to either sell or buy a home. 10% of first-time buyers found their agent on their site. Most of the single ladies were more likely to find their agent through a referral from another real estate agent.
Home buyers said that the most important factors when looking for an agent include the following: knowledge of the purchase process, honesty and integrity, knowledge of the real estate market, responsiveness, and communication skills. 89% of the home buyers said they would recommend the agent they hired to other people. 91% of the home buyers said they’d already recommended the real estate agent they hired one time to someone else.