Sep 02

What Buyers Really Need (A Friendlier Take)

Let’s be real: last year was a wild one for real estate. New-home sales were killing it—buoyed by a 33% increase in inventory and builders offering more affordable options. On the flip side, existing-home sales took a dive—the lowest since 2008—because supply was about half of pre-pandemic levels.

Even with mortgage rates up, buyers were still battling for those existing homes—about a third of listings had multiple offers. Which meant plenty of folks left disappointed.

But here’s the bright side: those who did manage to buy were happy. A whopping 75% said they’d definitely use the same agent again, and another 15% said “probably” NAR. That’s why referrals are such a big business driver—because agents are earning their stripes. And hey, for many homeowners, it paid off: the typical homeowner’s median net worth is nearly $400,000.

Since 2000, roughly 127 million existing homes have sold. That means around 114 million buyers were satisfied at closing. Of course, not everyone stays happy—some businesses fade away, others pop up, and that’s part of the game. In 2023 alone, over 100,000 new agent‑entrepreneurs joined NAR… and about the same number moved on.

With more than 200,000 brokerages in the U.S., buyers can choose from full-service, fee-for-service, or even go it alone. Despite that variety, some legal folks are stirring things up, calling cooperative compensation a “cartel.” But there’s no evidence of collusion, and let’s be honest—collusion among that many professionals would be nearly impossible. The real losers in that scenario? Consumers—especially first-time and first-generation buyers.

Speaking of first-timers: their share of the market ticked up to 31% in November, compared to 28% in both October 2023 and November 2022. Over the full year, they accounted for about 32% of sales.

Why This Matters

  • Inventory is everything. New-home sales thrived when supply improved—existing-home sales faltered when it didn’t.
  • Great agents matter. Buyers stick with agents they trust—hence the strong referral culture.
  • The market keeps evolving. Agents come and go, and buyers have more ways to transact than ever.
  • Competition isn’t shady. Lawsuits claiming “cartel” behavior miss the complexity of the industry.
  • First-time buyers are finding ways in. Even amid challenges, they’re still a significant chunk of the market.

Source: REALTOR® Magazine
“What Buyers Truly Need”
National Association of REALTORS®
Reprinted with permission

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