Despite the proliferation of apps and websites designed to help people buy and homes on their own, most people continue to choose traditional, in-person brokers. In fact, a new study shows that use of real estate agents is at its highest level since the study began in 2001.
A recent Harris Insights & Analytics’ housing consumer study polled 1,000 people who had either bought or sold a home in the last six months of 2018, according to Housingwire.com. Of those, 90% said that they used a real estate agent to buy or sell their homes. The figure represents a 5% increase from the last study, which was conducted in 2014 and a 9% increase from the first study in 2001.
“And despite the fears that Millennials are replacing real estate agents with technology, the study found that this was not the case…” notes Housingwire. Among those ages 18 to 24, 91% reported using a real estate agent.
Gen Xers—those between 35 and 44 years old—were found to use brokers at an even higher rate of 94%
Interestingly, the study reports that more education corresponds to greater usage of agents. Of those with a college education, 94% used a broker to buy or sell their homes, vs. 83% of those with only a high school diploma. Meanwhile, income was also a predictor; 98% of survey participants earning between $75,000 and $100,000 used a broker, vs. 79% of those who made $50,000 or less a year.