This year, the Texas Homebuyers and Sellers Report from the Texas Association of REALTORS® (TAR) shows that consumer sentiment regarding assistance from real estate agents remains high. Data from the report reveals that most buyers and sellers would use an agent again. As inventory remains low, there are challenges that come up during the home buying and selling process that require the help of a knowledgeable agent. Feedback from consumer surveys indicates that having a trusted professional to help navigate the home buying and selling process remains an important and beneficial asset to consumers.
Every year, TAR releases a real estate report to help consumers and real estate professionals to better understand the Texas real estate environment. Data from the 2019 edition of the Texas Homebuyers and Sellers Report is derived from the 2018 Texas Profile of Homebuyers and Sellers by the National Association of REALTORS® (NAR). The NAR distributes insights about the Texas housing market throughout the year.
Texas Homebuyer Statistics
According to the first quarterly report of 2019, just over half of Texas homebuyers surveyed for the report said that finding the right property to purchase was one of the most difficult parts of the process. That’s no surprise, considering that housing inventory in Austin – and many other areas of the state – has been hovering near historic lows in recent years. Homebuyers on the hunt for their ideal place to call home are increasingly turning to REALTORS® to help give them access to listings on the local Multiple Listing Service or MLS.
The MLS is a database of properties for lease or sale in a specific region. Texas REALTORS® have access to the MLS and share the listings and information from the MLS with their clients. With this valuable data at hand, homebuyers are empowered to make informed decisions in their homebuying process. They also have access to the MLS database which is more trustworthy and accurate than online listing sites.
Because searching out a resale home to buy can be challenging in a low-inventory market such as Austin, new homes are a popular option for house hunters. With a newly-built home, buyers can eliminate the need to drive to several locations to find out a home. They can also avoid the need to make renovations or repairs, which is the top reason why buyers purchased a new home last year.
Other Texas Homebuyer statistics include:
- The median age of Texas homebuyers was 47 years old, which is unchanged from the previous year
- For first-time homebuyers, the median age was 32
- Nearly one-third of all buyers were first-time homebuyers
- 68% of Texas homebuyers were married couples
- 15% of Texas homebuyers were single females
- Single males made up 9% of Texas homebuyers
- Unmarried couples accounted for 5% of Texas homebuyers
- 89% of buyers said they would definitely or probably recommend their agent to others or use their agent again
Texas Home Sellers Statistics
For home sellers, the most popular reason for putting a home on the market was to move closer to friends or family. In fact, 22% of respondents said their reason for moving was to be closer to friends or family. The next most popular reason was job relocations, which made up 17% of the respondents. Another 8% of sellers wanted to move closer to a current job.
Other Texas Home Seller Statistics
- Sellers spent a median of 10 years in their homes
- The median sales price was $70,000 higher than what the sellers paid for their homes
- Homes spent a median of 4 weeks on the market in Texas
- 85% of home sellers said that they would definitely or probably use their agent again
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