Many real estate lawyers rely on their local real estate agent friends for the bulk of their residential closing business. When business is good for them, it’s good for us! Two recent stories in national publications are good signs for all of us.
First, an article from Housing Wire dated November 12, which you can read here, indicates more Americans are using real estate agents than ever before, including Millennials. The article cites a Harris Insights housing consumer study, which shows a full 90% of consumers use real estate agents to buy and sell their homes. These numbers are higher than those shown in previous similar studies, up 5 points from 2014 and 9 points from 2001.
We have all assumed that Millennials, ages 18 – 34, are replacing real estate agents with technology, but this study found the 91% of them use real estate agents in their transactions. According to this article, that number is higher among the Gen X group, ages 35 – 44, at 94%.
Surprising to me, this study indicates the older generations are more likely to cut real estate agents out of their transactions. Only 81% of consumers ages 55 and older indicate they use real estate agents in their transactions. And, apparently, more educated consumers enjoy the use of real estate agents in buying and selling their homes. High school graduates reported 83% use, while college educated consumers reported 94%. Higher income earners were also more likely to use real estate agents (98% of $75,000 – $100,000 earners vs. 79% of $50,000 or less earners.)
Read the article and the underlying study for more insight.
The second article that caught my attention is from Realtor Magazine on November 7. This article, entitled “Big Night of Midterm Wins for Realtors®”, reported that candidates across the country at federal, state and local levels won elections with the promise to benefit the real estate industry’s goals of strong communities and healthy residential and commercial property markets.
This article reports that the National Association of Realtors® supported hundreds of candidates they considered to be real estate champions, regardless of party affiliations.
It’s budget time for me, and our company is predicting a slight softening of residential and commercial markets in 2019. This positive news for our real estate agent partners makes me feel better about the year to come!
Here’s wishing everyone a very happy Thanksgiving with family and friends!