Episode Details

It's officially our listeners' favorite episode of the year, and we're finally digging into the key real estate trends from the 2024 NAR report, otherwise known as the Profile of Home Buyers and Sellers. This report has been published since 1981, and it's shockingly well received every time we cover it, probably because the data is genuinely fascinating and gives you real language to use with clients.

Katy took the buyer and seller sections this year, and Alissa took the agent and realtor demographics, and honestly, reading through both halves felt grounding. If you've ever compared your production to someone else's and felt behind, these numbers will remind you that you're not alone, and that repeat and referral business really does compound the longer you stay in this career.

We cover everything from the age of first time buyers hitting an all time high, to how few sellers are going the for sale by owner route anymore, to what the median realtor actually earns depending on how long they've been in the business. Bookmark this one, because these stats make for some seriously good client conversation starters.

Here's what we cover in this episode: -Why this report only covers July 2023 through June 2024, and why that timing matters -The median first time home buyer age hit an all time high of 38 years old -Why repeat buyers are putting down record high down payments, and first time buyers aren't far behind -73% of recent buyers had no kids under 18 in the home, and what that means for inventory -First time buyers dropped to only 24% of the market, the lowest share ever recorded -The typical home purchased was 1,900 square feet with three bedrooms and two baths -Why buyers are moving a median of just 20 miles now, down from 50 miles during the pandemic -Only 21% of repeat buyers used the same agent as their last transaction -Why 90% of buyers are satisfied with their agent, yet so few actually come back -A breakdown of financing trends, including an all time high in cash buyers -Why for sale by owner sales hit an all time low of just 6% of transactions -Agent demographics: how age, income, and repeat business shift the longer you're in the business -Repeat and referral business jumps from 0% in year one to 42% by year sixteen -The median gross income of a realtor, and how dramatically it varies by experience -How commission splits typically work across different brokerage models -A few fun stats to use with clients, like the fact that agent-assisted homes are at an all time high

Key quotes from this episode: "This is our listeners' favorite episode of the year." - Katy "You should never underestimate how much this data can help you feel grounded in your own business." - Alissa "It went from 8% to 42%, that's the snowball effect of repeat and referral business." - Alissa "This is why the repeat referral business is a long game, full of relationships and consistency." - Alissa "Did you know that agent-listed homes are at an all time high of 90%, and only 6% of houses sell for sale by owner? Can you imagine saying that to someone?" - Katy

Products, people, and previous episodes mentioned: -NAR (National Association of Realtors), the 2024 Profile of Home Buyers and Sellers report -Episode 180: The 2022 NAR Profile of Home Buyers and Sellers (a previous year's version of this episode)

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Straight A's by Connor Price → https://connorprice.shop/

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Be The One by Matrika → https://uppbeat.io/t/matrika/be-the-