This is the California real estate update for November 3rd. Hello this is Mary West and this segment is sponsored by Group 1 Real Estate.
The National Association of Realtors just released a couple of reports on real estate activity for this year. The first report shows that the typical home buyer for 2016 is 44 years old, married, and most likely to purchase a previously owned home. 88% of buyers in 2016 worked with a real estate agent. Home sellers are 54 years old, have lived in the home for 10 years or more, and listed their home for 4 weeks. 89% worked with an agent.
The second report looks at commercial real estate. Commercial vacancy rates declined for core property types in 2016 including office, industrial and retail properties. Commercial rents have risen about 1.5%.
Thank you for listening and for a transcript, please visit Group1RealEstate.com. This is Mary West with the California Real Estate Update by Group 1 Real Estate.