Key Stats to Know…
As a trusted advisor, expert and professional in real estate it is imperative we know and understand the demographics of our industry and the trends transpiring with buyers and sellers in today’s market.
Here are some of the key facts every agent should know fromNAR’s Profile Of Home Buyers and Sellers. This data will help with agents marketing strategies and be more targeted and focused in the coming year.
- 32% First Time Home Buyers
- Typical buyer 44 years old and median household income $86,100
- 67% Married couples, 15% single female, 9% single male, 7% unmarried couple
- 13% bought multi-generational homes with room for parents or children over 18 moving back
- 30% bought for the desire to own their own home
- 16% bought new, 84% bought used
- 83% bought single family detached homes
- 14% bought senior housing
- Average buyer only moved 14 miles from previous home
- Buyers paid about 98% of their asking price
- Typical home 1,900 sq. feet, 3 bed, 2 bath built in 1991
- Expect to live in their home for 14 years
- Buyers took typically 10 weeks to search and viewed 10 homes before buying
- Buyers not using the internet took 5 weeks and viewed 5 homes before buying
- 59% of buyers were satisfied with their home buying process
- Buyers looked online as the first step to buying, 14% contacted agent as first step
- 87% of buyers found photos and detailed property information most important online
- 78% of buyers found their agent as a useful information source
- 87% of buyers purchased through an agent
- 53% wanted their agent to help them find the right home for them
- 41% of buyers found their agent by referral
- 70% only interviewed one agent
- 86% of buyers would recommend their agent to others
- 86% of buyers financed their purchase and typically 90% loan to value
- 60% of down payments came from savings, 38% equity from existing home
- 46% of buyers saved their down payment within 6 months
- 51% of buyers found it hard to save because of student loans, 47% credit card debt
- 86% see buying real estate as a good financial investment
- Average age was 54 years old, median household income $104,100
- Reasons for selling 16% too small, 14% job relocation, 13% closer to family
- Sellers lived in their home 9 years before selling
- 89% listed their home with an agent
- Sellers on average got 98% of their asking price
- Average days on market 30 days
- 37% of sellers offered buyers some kind of incentive
- Sellers on average made $40,000 more than what they paid for their home
- 61% of sellers were satisfied with the selling process
- 72% interviewed only one agent
- 91% marketed their home on MLS
- 76% of sellers paid the real estate fees
- 32% of sellers recommended their selling agent more than 3 times
- 8% sold their home on their own
- Average age of FSBO was 54 years old
- 77% were married couples
- FSBO sold for less than agent assisted homes on average. $210,000 vs. $245,000
- Typically FSBO sold to someone they know
Some excellent data here to help agents to be more strategic and targeted with their buyer and seller marketing strategies in 2016. I trust this will be helpful in your quest for real estate success in the coming year.
Strength and courage,
Wade
check out www.agentsboost.com for more free tips and ideas
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