Did you know that in 2023 alone, there were over 100,000 new agents who joined the National Association of REALTORS (NAR) and just as many exited the industry? Did you know that since 2000 there have been over 127 million existing-home sales? Did you know that of those who purchased a home since 2000, 75% of consumers said they would definitely use their real estate agent again for their future needs? If you do the math, that’s 114 million consumers who were pleased and happy real estate buyers or sellers. All of this data comes from NAR’s latest Profile of Home Buyers and Sellers.
In another article that NAR published. Sellers Who Regret Not Using a Real Estate Agent, they recognized that 43% of homebuyers who purchased a home directly from a seller, distrusted the seller because they didn’t hire an agent. 40% of sellers also struggled to understand their contract and 36% admitted they made legal mistakes because they didn’t hire a REALTOR.
To compound this, “Clever Real Estate survey" found that those who sold their home with an agent in 2022 and 2023 tended to earn $46,603 more in average profits than those who sold without an agent. The sellers that thought their price would be higher listing their home on their own were surprised to find they actually received less because they potentially priced their home lower than they should have.
Sellers who listed on their own also weren’t prepared for a longer sales process. “Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.” This is a common misconception, as sellers think they have the same marketing ability as a real estate agent but don’t have the power of the Multiple Listing Service behind them.
The article goes on to admit that these sellers who chose not to use a REALTOR also admittedly experienced more stress during the process of selling their home. “Half of home sellers who did not use an agent said they cried at some point in the process. Fifty-two percent of unrepresented sellers said they felt overwhelmed by the entire process. On the flip side, homeowners who hired an agent were more likely to say they felt good about their sale and experienced less stress.”
While we personally know the value in hiring us to help you through the process of buying or selling a home, we hope that these facts also will help you see other consumers' perspectives and that it inevitably helps you make the decision to hire us! We would be honored and pleased to be able to help you take that step.
