Do national surveys seem to confirm what’s happening in your local real estate market or do they leave you wondering why they don’t? Review the National Association of REALTORS® (NAR) 2023 Profile of Homebuyers and Sellers and you’ll find information that may help you and your clients understand the real estate market better.

In several instances, Illinois REALTOR® members experienced conditions that colleagues across the country experienced. For example, respondents to NAR’s annual survey indicated that the most difficult task for homebuyers was finding the right home to purchase. Meenu Bhaskar of Keller Williams Revolution in Bloomington agreed.

“It is so true in our marketplace even after so many months,” she said. “In every price range, we still have a shortage of inventory even though we have ready and approved buyers. I personally think it will take a few more years before we can see the normal market.” In a “normal” market, she’d seen up to 1,000 active listings in her MLS as opposed to 100 listings today.

In 2023, 89 percent of buyers used agents to purchase a home and 89 percent of sellers used agents to sell a home, compared to 86 percent and 87 percent, respectively, in 2022.

Erika Villegas of RE/MAX in the Village in Oak Park, and president-elect of the Chicago Association of REALTORS® says consumers put their trust in REALTORS® because the amount of available information can be overwhelming.

“These numbers prove that buyers and sellers continue to trust their local REALTORS® to assist them throughout the homebuying and selling process,” said Villegas. “We are essential to this process because not only are we community leaders, but we also have the right connections to all the third-party vendors involved in the transactions, including the handymen, photographers, moving companies, title companies, attorneys and so many other services. The data is clear that consumers are better informed and prepared as buyers, and sellers net more profit when they are represented by REALTORS®.”

“Due to less inventory, we are also noticing that buyers understand how important it is for them to have a buyer’s agent,” said Meenu Bhaskar. “They understand that we are professional and with our knowledge and expertise we can guide them well and help them to achieve their goal which is the American Dream (of homeownership).”

Another fact offered by the report was that the percentage of For Sale By Owner (FSBO) sellers decreased from 10 percent in 2022 to 7 percent in 2023. Bhaskar saw evidence of that, too. “We also noticed that the FSBO percentage has fallen in our area. Even though sellers can sell their home faster and generate multiple offers on their own, they still need our expertise and guidance to help them secure the right buyers and help them get the maximum value for their properties.”

The percentage of single women and single men buying homes increased in 2023, while married couples comprised the lowest share of buyers (59 percent) since 2010.

“We continue to see this trend of single men and women purchasing homes at younger ages compared to those waiting to get married to purchase a home,” Villegas said. “I have also seen an increase of recently divorced or separated couples selling their homes and moving on to purchase smaller properties.”

The NAR 2023 Profile of Homebuyers and Sellers was conducted between July 2022 and June 2023. Read the entire report.

About the writer: Bill Kozar is an Illinois REALTORS® Marketing Content Specialist.