The real estate market continues to evolve, with significant shifts in buyer and seller demographics, preferences, and behaviors. National Association of REALTORS® (NAR) provides valuable insights in the 2024 Profile of Home Buyers and Sellers, illuminating who is buying and selling homes, how they find properties, and the role real estate professionals play in these transactions. Below, we’ll explore these key findings while highlighting how flat fee listing services, such as Simply List, are making waves in Georgia—especially for FSBO (For Sale By Owner) sellers.
Home Buyer Trends in 2024
First-Time vs. Repeat Buyers
- First-time buyers: 24% of all home purchases
- Median age of first-time buyers: 28
- Median age of repeat buyers: 61
- Median household income of first-time buyers: $97,000
- Median household income of repeat buyers: $114,300
The typical home purchased was 1,900 square feet, built in 1994, and had three bedrooms and two bathrooms—indicative of a preference for mid-sized, established homes. Buyers who financed their purchase typically secured 74% of the home price through a mortgage.
How Buyers Found Their Home
- Internet: 51%
- Real estate agent: 29%
- Yard sign/open house sign: 4%
- Friend, relative, or neighbor: 8%
- Home builder or their agent: 5%
- Directly from sellers/knew the sellers: 4%
The Role of Real Estate Agents
Despite the abundance of online resources, real estate professionals remain a trusted resource:
- 88% of buyers purchased their home through a real estate agent or broker.
- 88% would use their agent again or recommend them to others.
Home Seller Insights in 2024
The typical seller in 2024 was 63 years old, had a median household income of $112,500, and had lived in their home for 10 years before selling.
Working with Agents
- 90% of sellers were assisted by a real estate agent.
- Sellers typically sold their homes for 100% of the listing price, though 21% reported reducing the asking price at least once.
- The median time on market was 3 weeks, highlighting relatively strong demand.
How Sellers Found Their Agent
- 38% of sellers found their agent via referral by friends or family.
- 28% of sellers used the agent they previously worked with to buy or sell a home.
- 72% of sellers said they would definitely use the same agent again.
For Sale By Owner (FSBO) Statistics
FSBO transactions accounted for 6% of home sales in 2024. While many FSBO sellers aim to save on commissions, data suggests FSBO properties often sell for less:
- FSBO median sale price: $380,000
- Agent-assisted median sale price: $435,000
Marketing Methods for FSBO Sellers
- Friends, relatives, or neighbors: 18%
- Yard sign: 12%
- Third-party aggregator: 10%
- Multiple Listing Service (MLS) website: 10%
- Open house: 5%
- Social networking websites: 3%
- For-sale-by-owner website: 3%
Flat Fee Listing Statistics in Georgia
An emerging trend among FSBO sellers, particularly in Georgia, is using flat fee MLS listing services. Approximately 10% of FSBO sellers leverage these platforms—Simply List being one example—to list their property on the MLS without paying a traditional full listing commission.
Challenges Faced by FSBO Sellers
- Getting the price right: 17%
- Selling within a desired timeframe: 13%
- Understanding and completing paperwork: 10%
- Preparing or fixing up the home for sale: 9%
- Having enough time to manage all aspects: 5%
By partnering with a flat fee listing service, FSBO sellers can mitigate some of these challenges—particularly attracting buyers—while retaining control over pricing and negotiations.
Why Flat Fee Listing Services Like Simply List Matter in Georgia
- MLS Exposure
Flat fee listings put homes on the MLS, the most widely used resource for agents and buyers in Georgia. - Significant Cost Savings
Sellers pay a set fee rather than a typical commission, often saving thousands of dollars. - Flexibility & Control
FSBO sellers maintain freedom to negotiate, schedule showings, and manage the sale. - Added Professional Touch
Many flat fee services include professional photography, marketing support, and other tools to enhance the listing.
Key Takeaways
- Buyers: First-time buyers face affordability challenges but still rely heavily on real estate agents for guidance.
- Sellers: The median seller age is 63, and sellers often manage to sell quickly—typically in just three weeks—often with the help of an agent.
- FSBO & Flat Fee Listing Statistics in Georgia: FSBO remains a smaller segment at 6%. However, about 10% of FSBO sellers use flat fee MLS listing services to bridge the gap between a traditional agent experience and a do-it-yourself approach.
Looking Ahead
As more Georgia homeowners embrace flat fee MLS services like Simply List, the line between traditional agent-assisted sales and FSBO continues to blur. By combining MLS exposure with the autonomy of a FSBO approach, sellers can balance cost savings and comprehensive marketing—a winning strategy in a competitive real estate landscape.
Source:
