74 Percent of Florida Home Sellers Hire First Agent They Meet

Just-released 2015 Profile of Home Buyers and Sellers Florida Report

ORLANDO, Fla. – January 28, 2016 – According to the just-released 2015 Profile of Home Buyers and Sellers Florida Report, three out of four home sellers (74 percent) contacted only one real estate agent before agreeing to list their home for sale.

In addition, 74 percent of Florida sellers said they recommended that agent at least once to family or friends after the deal closed.

On the buyer side, two out of three (66 percent) interviewed only one real estate agent before agreeing to work with him or her.

Survey highlights

Florida sellers and real estate pros

• 88% of sellers listed their homes on a Florida Multiple Listing Service (MLS)
• 83% of Florida agents receive their compensation predominantly from sellers
• 74% of sellers referred another potential seller to their agent three or more times after the sale
• 76% said that they would definitely recommend their agent for future services; 11% said they would "probably" recommend

Florida buyers and real estate pros

• 83% percent of recent Florida buyers purchased their home through a real estate agent or broker
• 59% worked with an agent to help them "find the right home" – the top reason for working with an agent
• 36% of buyers used an agent referred to them by a friend, neighbor or relative
• 89% would use their agent again or recommend their agent to others

Florida homebuyer characteristics

• 25% in Florida were first-time buyers
• The typical buyer was 41 years old with a median income of $80,100
• 65% of recent Florida buyers were married, 16 percent single females, 9% single males and 7% unmarried couples
• 15% of buyers purchased a multi-generational home to take care of aging parents or because children over age 18 moved back in
• 89% percent of recent buyers identified as heterosexual and 5% as gay or lesbian
• 25% of recent buyers were veterans – 2% are active-duty service members
• The primary reason for purchasing: A desire to own a home of their own (23%)

Characteristics of Florida homes purchased

• 22% bought a new home; 78% bought a previously owned home
• Top reason to buy new: Avoid renovations and problems with plumbing or electricity (36% of new home buyers)
• Top reason to buy an existing home: A better overall value (34%)
• 81% of Florida buyers chose a detached single-family home
• 20% bought senior-related housing
• Median distance between a buyer's old and new home in Florida: 25 miles
• The median home selling price was $202,000 – 97 percent of the asking price
• The typical home was 1,860 square feet and built in 1998
• Florida buyers expect to live in their homes a median of 15 years

Buyers' home search process

• In Florida, 37 percent of buyers first searched online for for-sale properties; 15 percent started the process by contacting a real estate agent
• 79% of recent Florida buyers considered their real estate agent to be a very useful information source; 77 percent found websites very useful
• Florida buyers searched for 10 weeks and looked at 10 homes
• Florida buyers who did not search the Internet looked at four homes over six weeks
• Internet searchers cited photos (86%) as useful in their home search process
• 58% were satisfied with the process

Florida home sellers

• The typical Florida home seller was 62 years with a median income of $89,200
• Top reasons Florida sellers sell: retirement (17%), the desire to move closer to friends and family (14%) and job relocation (12%)
• Florida sellers typically lived in their home 11 years
• 87% of Florida home sellers worked with a real estate agent
• The final sales price was a median 97 percent of the final listing price
• Recently sold homes were on the market a median of six weeks
• 32% of Florida sellers offered incentives to attract buyers
• Florida sellers said they sold for a median $48,000 above the price they originally paid for the home
• 61% were very satisfied with the selling process

For-Sale-by-Owner (FSBO) sellers

• 10% of Florida home sales were FSBO. Nationwide, NAR found FSBO sales at their lowest point since recordkeeping began in 1981
• In Florida, the typical FSBO seller is 65 years old; 77 percent are married with an income of $82,500
• In Florida, the median FSBO selling price was $200,000
• Florida FSBO homes sold in five weeks, though weeks-on-market may be lower because some FSBOs sell to a buyer that the seller already knows

The complete 2015 Profile of Home Buyers and Sellers Florida Report can be downloaded through Florida Realtors website. Visit the "Other Research Reports" page under the "Research and Statistics" link.

© 2016 Florida Realtors®. All Rights Reserved. Reprinted with permission.