A recent study done by the Massachusetts Association of Realtors pointed out some interesting numbers.
Not surprisingly, they found that over 90 percent of all homebuyers are using the internet as part of their home search. They also found that over 90 percent of buyers chose to work with a real estate agent to guide them through the process.
According to the report, 47 percent of homebuyers are using social networking sites, such as MySpace, Facebook, LinkedIn and Friendster. That is up from 50 percent last year. Twenty-seven percent of those in ages from 18 to 24 reported that they use these sites every day.
- The median age of Massachusetts home buyers in 2008 was 39 years old and that was the same figure as the previous year.
- Median income was up to $88,100 compared to $84,400.
- Fifty-eight percent of home buyers were married couples.
- Eighteen percent single females and twelve percent single males.
- Ten percent of home buyers were born outside of the U. S.
- The median age of the first-time home buyer was 31.
- Fifty-three percent of first-time buyers were between 25 and 34 years old.
- Forty-eight percent of first-time home purchasers had a median income of $80,600 compared to $60,600 nationally.
- Ninety percent of buyers financed their home purchase.
- Savings were the primary source of down payment funds for 74 percent.
- Forty-four percent used funds from the proceeds of a sale of their home.
- Forty-seven percent of all Massachusetts buyers believed that their home purchase was a better investment than stocks.
- Thirty percent felt that their home purchase was at least as good of an investment as a stock purchase.
- The median age of home sellers was 47.
- Their median income was $105,500.
- The typical home seller had owned their home for seven years.
- Thirty-seven percent of sellers did not reduce their asking price before the home sold.
- Sellers typically sold their homes for 95 percent of asking price.
- Thirty-three percent of sellers offered incentives, such as home warranties and help with closing costs.
Looking at this report, it is interesting to note that even with all of the technology available to home buyers that most people still rely on realtors to help them interpret the data and help them through their real estate transactions. In this complex market of declining values, having the professional assistance of a buyer broker is more crucial than ever.
Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446, E-mail
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