In a recent survey done by the California Association of Realtors it was learned more than 69 percent of home sellers purchased a home after selling their previous residence. The more important number is, this is up from 47 percent in 2012 and from a low of 11 percent in 2011.
The improving condition of the housing market has increased the confidence to own versus rent. With sellers feeling more positive about where home values are headed most, who are currently renting, say they are planning to buy again. The percent of home sellers who say they will buy is 70 percent which is up from 22 percent in 2012.
Interesting findings from CAR’s seller survey:
- The top reason for selling in 2013 was a desire to trade up. In 2012 the majority sold because of financial difficulties.
- The number of sellers who reported receiving multiple offers increased from 83 percent in 2012 to 98 percent in 2013.
- Almost half of the seller’s reported receiving offers higher than the asking price.
- Social media is a growing factor in selling a home. Seventy-four percent of sellers say they incorporated social media into the selling process. This is up from 24 percent in 2010. Facebook was the number one site followed by Twitter and YouTube.
Other Thoughts
The seller survey results also indicated there is an increase in the number of seller who used an agent they had experience with. This increased from only 3 percent in 2012 to 25 percent this past year. If you had a good experience with an agent, I feel it is a wise decision to consider using them again. Choosing the right agent for the job is key element of a successful and smooth transaction. Don’t be afraid to ask questions!Â
