In this new landscape of real estate online, everyone seems to be asking about what buyers and sellers are actually doing in the real estate market place. The 2011 National Association of Realtors (NAR) Profile of Home Buyers and Sellers is a resourceful guide when looking for trends in home buyer and seller preferences and behavior. Here are some interesting results which stood out for me about buyers and sellers.
- The median downpayment for all buyers was 11 percent. The range was 5% down for lst time home buyers with a range of up to 15% for repeat buyers.
- Buyers searched a median of 12 weeks and looked at 12 homes. This was the same as in 2010.
- Forty (40%) of buyers said they first learned about the home they purchased on the internet.
- Ninety-one (91%) of the buyers who used the internet to search for a home, then purchased through a real estate agent.
- Neighborhood quality was the biggest factor in selecting a neighborhood followed by affordability of the home.
- The typical home purchased had 3 bedrooms and 2 bathrooms.
- More than half the buyers considered a foreclosure, but in the end did not buy one.
I was surprised by the 11 percent median downpayment. The vast amount of information on the internet now makes it possible for buyers to research not only homes but neighborhoods. This information is helpful for sellers to understand why buyers do what they do next.
The report cost NAR members $19.95 and $149.95 for non-members. A summary of survey highlights is available through the National Association of Realtors site here.