In our last post, we looked at the characteristics of folks buying homes in 2020, why they were buying, what they were buying, and how they were buying. But it takes two to tango when it comes to real estate transactions. This week, we dive into what makes home sellers tick this year.

The National Association of Realtors’ (NAR) comprehensive, fascinating, and 143-page Home Buyers and Sellers Generational Trends Report contains a treasure trove of facts and statistics that give a holistic picture of those who are selling their homes. Every year since 2013, NAR has issued this study to provide “insights into differences and similarities across generations of home buyers and sellers.”

Here are a few highlights from the report about American home sellers in 2020:

Who Is Selling Homes In 2020?

  • Twenty-three percent of all home sellers were between the ages of 40 to 54. Those age 65-73 also represent 23 percent of all sellers, making these two groups the largest cohort of people putting their homes on the market.
  • Seventy-two percent of sellers were married couples.
  • Sellers typically lived in their home for ten years before deciding to sell.
  • At 17 percent, those making between $100,000 and $124,999 a year were the largest group of sellers by income, followed by those earning more than $200,000 per year (13 percent).
  • Only 33 percent of sellers had at least one child living at home.
  • Sixty-on percent of sellers had a college or post-graduate degree.
  • Ninety-one percent of sellers were white.

Why Are People Selling Homes In 2020?

  • At 16 percent, wanting to be closer to friends or family was the biggest reason sellers gave for putting their homes on the market.
  • However, for those between the ages of 22 and 54, the desire for a larger home was the biggest selling motivation.
  • A shocking 94 percent of sellers wanted to sell their homes earlier but waited or stalled because their home was worth less than their mortgage.

What Are Sellers Putting On the Market in 2020?

  • Homes in the suburbs or subdivisions represented over half (51 percent) of all homes listed for sale, with 17 percent were in small towns, and 15 percent were in urban areas.
  • At 82 percent, detached single-family homes were the most common homes up for sale.
  • The average size of homes sold was 1,900 square feet.
  • Eighty-four percent of homes sold had three or more bedrooms.

How Are People Selling Their Homes in 2020?

  • For recently sold homes, the final sales price was a median of 99 percent of the final listing price.
  • Four in ten home sellers reduced the asking price of their home at least once.
  • Thirty-four percent of all sellers offered incentives to attract buyers.
  • Nine in ten home sellers worked with a real estate agent to sell their home.

Selling A Home In Chicago In 2020? Call The Experts at Z Chicago Today.

No matter who you are, what you’re selling and, why you’re selling your Chicago home, the real estate experts at Z Chicago can get you to closing quickly and at the highest possible price. Contact us today to learn how we can help you.