More Americans are using real estate agents than ever before
Yes, even Millennials
More Americans are using real estate agents to buy and sell their home than ever before, even among the younger generations.
A new Harris Insights housing consumer study, shows a full 90% of consumers use real estate agents to buy and sell their homes. This is a survey high, and is up 5 percentage points from the last study in 2014 and up 9 percentage points from the first study conducted in 2001. The study asked the opinions of 1,000 people who had either bought or sold a home in the last six months.
And despite fears that Millennials are replacing real estate agents with technology, the study found that is not the case, and 91% of those ages 18 to 34 used real estate agents in their transaction. That number is slightly higher among Gen Xers, or those ages 35 to 44 years old, at 94%.
Actually, it’s the older generations that are cutting real estate agents out of the picture as just 81% of those ages 55 and older reported using a real estate agent in their transaction.
The study also found that more educated consumers are more likely to use a real estate agent, 94% of those with a college degree used agents in their transaction. Those with only a high school diploma used agents at a rate of 83%.
Higher income earners were also more likely to use real estate agents. About 79% of those who made $50,000 a year or less used an agent, while those who made between $75,000 and $100,000 used agents in 98% of the cases.
source: Housing Wire