Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

More Americans Using Real Estate Agents

Real estate agent with keys

In a study that surprised many, a larger percentage of Americans than ever are using real estate agents to buy and sell their homes. 

Conventional wisdom had been saying for years that the internet and new technologies were going to result in fewer people turning to real estate agents for help in buying and selling their homes.

It was assumed this would be especially true for Millenials, that they would turn to websites and apps to buy and sell their homes.

However, the opposite has turned out to be true. Millennials are actually more likely to use a real estate agent today than Baby Boomers are.

 

Key Findings

Home lending daysThe most noteworthy finding in the study conducted by Harris Insights & Analytics was that in 2018, a full 90% of consumers used real estate agents to buy and sell their homes.

That was the highest percentage of agent-assisted buyers and sellers that this ongoing study has recorded.

That 90% figure was a 5% increase over 2014, when 85% of consumers used real estate agents to buy and sell their homes, and a 9% increase from 81% when this ongoing survey was first done in 2001.

 

Real Estate Agent Usage by Age Group

For several years there has been a discussion about how Millenials would change the home buying and selling market.

Home for sale

It has been assumed that that generation would abandon using real estate agents in favor of searching for homes using only websites and web apps.

However, the data in this study showed that Millenials were extremely likely to use a real estate agent.

According to study data, 91% of buyers and sellers from ages 18 to 34 used real estate agents in their transaction.

Surprisingly, Millenials were even more likely to use a real estate agent than Baby Boomers (ages 54-72) were. Just 81% of consumers ages 55 and older reported having used a real estate agent in their transaction.

Gen Xers (ages 35-50) were the most likely to use a real estate agent, at 94%.

 

Real Estate Agent Usage by Education and Income

Another key finding was that higher educated and higher income earners were the most likely to use a real estate agent.

94% of people with a college degree used the service of an agent. Only 83% of those with a high school degree used a real estate agent.

98% of people earning $75,000 or more used a real estate agent, while only 79% of those who earned $50,000 a year or less used an agent.

 

How Consumers Choose an Agent

How does this increased number of people using real estate agents choose one?

“Referrals from people I trust” was the most common answer. A large majority, 69%, of said a referral was either extremely important or very important. A full 92% said it was important in their decision.

The second most common answer was “agents who had listings like my home”. 64% of consumers said this was a factor.

62% said “looking at websites with ratings of agent’s performances” was a factor.

“Having a personal relationship with the agent” came in fourth with 57%.  In fifth place at 52% was “member of a Realtor organization.

 

Realtors Are Important, But So Are Websites

How People Find a Real Estate AgentThe majority of consumers still depend on a real estate agent to buy or sell a home.

However, websites have become extremely important for consumers when searching for homes or realtors. 92% of consumers reporting using websites for information about real estate agents.

 

Top Websites for Finding Real Estate Agents

  • Realtor.com
  • Zillow.com
  • Google.com
  • Facebook.com
  • Loopnet.com

Most Visited Real Estate Websites

  • Zillow.com
  • Truglia.com
  • Yahoo! Homes
  • Realtor.com
  • Redfin.com

 

About the Study

The new housing consumer study was conducted by Harris Insights & Analytics.  It was underwritten by the California Association of Realtors, The CE Shop and REAL Trends.

The study measured the responses of 1,000 people who had bought or sold a home during the previous six months of 2018.

 

Sources
More Americans are using real estate agents than ever before – Houseingwire
Top 15 Most Popular Real Estate Websites May 2018 – EbizMBA
Buyers and Sellers Still Need You – Realtrends
90% of all Buyers and Sellers Used an Agent, Up 9% From 2001 – Realtrends

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides estate law representation, including power of attorneyliving willsprobate law services, trustswills, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Millennial Estate Planning – What You Should Know

estate planning for millennials

In this post, we discuss the hows and whys of the most critical items Millennials should consider in regards to your estate planning.

Estate planning is important for everyone. Though some may think that an estate is something that only older or wealthy people have, the fact is, everything that you own is part of your estate.

If you don’t have a will and plan what happens to your estate if something should happen to you, the government and the court system will make those decisions.

Establishing an estate plan allows you to decide what happens to all of your assets and possessions, even your pets.

For obvious reasons most people, millennials or otherwise, would rather make these decisions themselves.

 

Millenials should plan for unexpected

estate planningAs a young adult, it’s easy to think that you still have decades of time ahead of you for estate planning.

The thing about the unexpected is that it only happens when it is unexpected. Unfortunately, even young people can be involved in accidents or become incapacitated. We probably all know someone who has passed away at a young age.

Incapacitation

No one expects to be incapacitated, but unfortunately, it does happen. If it does, there are several documents you will need.

The first is a durable power of attorney (POA) that identifies who will make financial decisions on your behalf if you are unable to do so.

The second is a health care advance directive (including a living will) that will outline your instructions for medical care if you become unable to communicate or manage these yourself.

Death documents

These documents will include a last will and testament and the establishment of a trust (either revocable or testamentary).

Beneficiary designations

For younger people, your life insurance policy and 401k programs may account for the bulk of your assets, so it is important to keep your beneficiary designations up to date.

We advise parents of children to have a durable power of attorney and health care advance directive for all their children once they reach the age of 18. Generally, the parents will be designated initially, but you have the right to designate whomever you wish.

 

Default estate laws in Illinois

State of IllinoisAll states have default laws specifying where assets will go by default when there is now will or estate plan.

If you are married, your estate will go to your spouse. In Illinois, if unmarried Millenials die without a will and have no children, the property ascends the family tree to their surviving parents and siblings. If you have two brothers and two sisters, they would each receive 1/6 of your estate and each parent would receive 1/6 of the estate.

If you are an unmarried Millennial without a spouse or children and want to select which of your siblings receive your estate or designate a significant other as a beneficiary instead of your parents, you must specify that choice in the appropriate legal documents.

The selection of an executor of your will or a personal representative is a decision you should make when your will is drafted. Most people would prefer to make these decisions themselves rather than the default laws of the state making the decisions for them.

 

Millennial Assets

Oftentimes, younger millennial individuals are surprised about the number of assets they actually have. It’s very common to be focused on things such as student loan debt and income rather than the asset side of your balance sheet.

Your assets may include:

  • 401K and retirement accounts
  • Life insurance policy
  • Family and collector memorabilia
  • Real estate and property
  • Vehicles, boats, jewelry, electronics, home furnishings
  • Digital assets, social media accounts, websites, photos
  • Pets

Millennials may be the first generation who all have to deal with the issue of what happens to their social media accounts when they pass away. Should they be maintained? Should they go offline? That decision should be up to you, but since this is still a relatively new area, there may be default rules you are not aware of.

 

How Millennials should plan their estate

Property Tax Assessment - CalculatorEstate planning doesn’t have to be a painful process. The important thing is to begin working on a plan. Millennials, like all adults creating an estate plan, can view it as a series of multiyear plans. Every few years or after major life changes, it can be reevaluated and updated.

We hope it’s something you will put some consideration into.


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


The Law Offices of Lora Fausett P.C. provides estate planning services including power of attorney, probate lawwills, trust administration, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, Will, and Kendall Counties.

For Information Call 630-858-0090


Image credit: Pixabay