While you may be unable to spot a realtor by their name, its likely you’ve most likely heard these seven facts about real estate agents. These include the following: The average home seller is 45 years old and a white woman. The average buyer is also a white woman, 56 years old. In addition, the average home is 13.2% more expensive than the GDP of the two largest economies in the world. Despite this, buyers can hire someone other than a Realtor or any services.
The average home seller is 45 years old
According to professionals, like those at TheMLSonline, the average home seller is 45 years old and has lived in their home for eight years. In addition, the average home is 1,900 square feet. Most sellers are white females and have been in the house for more than five years. More than two-thirds of agents are women, and a REALTOR(r) median age is 56.
The average home buyer is a 56-year-old white female
The average age of a first-time homebuyer has increased from 29 in 1981 to 33 in 2020, but it has never been this low. The lowest average age for first-time homebuyers was in 1991 when it was 28 years old. However, the data for that year still need to be included, as the survey was conducted only for some years. While historically, white people have been the largest group of homeowners, minority groups have also increased. Overall, the homeownership rate for white households is 73.6%, compared to 46.6% for black and Hispanic families.
Statistics show that the average home buyer is a white, middle-aged woman. While the median age of first-time buyers has decreased, the average age of repeat homebuyers is up. The average age of repeat buyers started at 37 in 1981 and climbed to 56 in 2011; however, buyers will still comprise the majority of homebuyers.
The average home price is 13.2% higher than the GDP of the two largest economies in the world
The housing market is experiencing a slowdown as consumers continue to feel the pinch of rising home prices. Prices are outpacing income growth and inflation. Sellers have begun to lower their costs to bring the market back to balance. The market is expected to moderate in the second half of the year. This may even moderate demand a bit.
The GDP measures the number of goods produced and consumed by the people in a nation. It does not account for their time spent in leisure. People with larger GDPs may work more hours, but their standard of living is not necessarily higher. The average American worker works a few hundred hours more than their German counterpart.
The average real estate agent earns between $64,000 and millions of dollars annually
While Minneapolis realtors may earn between $64,000 and millions of dollars annually, top agents make more. The top earners in New York City and its suburbs average $111,800 annually. The states with the highest real estate agent salaries are mostly in the Northeast and out West. They also include mountain states and Pacific Coast areas.
Most real estate agents earn money only when they sell a home. They receive payment through a listing agreement, and the more homes they sell, the more money they make. Since this type of income is commission-based, closing a deal is vital to earning a good income as a real estate agent.