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CONSUMERS VALUE THE KNOWLEDGE OF REALTORS

A recent report shows that consumers have come to depend on the expertise of real estate agents to guide them through real estate transactions. The survey found that 87% of New Jersey home buyers, used a real estate agent or broker to purchase their home. Buyers revealed the most important factor when choosing a professional, "is agent honesty and trustworthiness". The other qualities that ranked highest in the survey included knowledge of the market, responsiveness to questions, and follow up.

93% of New Jersey sellers were assisted by a real estate agent when selling their home, which is higher than the nationwide average of 87%, who used a real estate agent for their home sale. Recent NJ sellers typically sold their homes for 95% of the listing price, and 68% reported they reduced the asking price at least once, which is similar to national findings.

The share of home sellers who sold their home without the assistance of a real estate agent (for sale by owner, FSBO) was 4%, which is lower than the national share of 10%. Respondents found that FSBO sellers struggled with getting the price right and having enough time to devote to all aspects of the sale. This clearly indicates that working with a real estate agent is much more beneficial than attempting alone. Even in cases where FSBO's knew the buyer, 100% of the FSBO's admitted they would work with a real estate agent next time.

PURCHASING POWER IS HIGH IN NEW JERSEY

According to a recent profile, the median household income of buyers was $110,000 in New Jersey, versus $80,900 nationally. The median income among first time buyers was $88,700 and $127,000 among repeat buyers, compared to $62,400 among first time buyers and $96,600 among repeat buyers nationally. This clearly indicates that New Jerseyans have more purchasing power than the average nationwide consumer. This, along with low interest rates and high affordability, favor the housing market in New Jersey.

(source, New Jersey Realtor Magazine)

For all your Real Estate and Insurance needs, contact: LEGACY REALTY GROUP, EDISON, NJ. 732.744.0400