Sellers, Who are your buyers?

Sellers, do you know who you buyers are?  Wouldn't it make it easier to sell your home if you knew who was buying?  The Virginia Association of Realtors recently published a report telling us this information as it pertains to Virginia buyers: 

- The median age of all buyers is 40, first time homebuyers is 33, and repeat buyers is 45.

-The median household income for buyers is $85,500, first time homebuyers is $71,300, and repeat buyers is $96,600.  These numbers are higher than those for the United States overall.

-29% of Virginia homebuyers are first time homebuyers.  This number is lower than for the United States overall (36%)

And what are all these buyers buying?

-The median price of a home is $334,319, for first time homebuyers is $215,781, for repeat buyers is $398,742.  These numbers are significantly higher than for the United States overall. 

- 63% of homes were detached single family homes

-The typical buyer purchased a home that was 1,956 square feet in size.

So how are Virginia buyers finding their homes?

-61% of Virginia buyers frequently used the Internet to search for homes and 23% occasionally used the Internet in their search.

-Virginia buyers that used the Internet in their search, searched a median of 8 weeks versus 5 weeks for those buyers who didn't use the Internet.

-42% of Virginia buyers found their home through an Agent.  25% found their house through the Internet, 13% through a yard sign, 5% through a newspaper ad, 1% through a home book.

-86% of buyers who used the Internet to search, ended up using an Agent to buy their home.

Some other interesting facts:

-Houses in Virginia are on the market a median of 4 weeks which is lower than the United States as a whole.

-The median selling price of For Sale by Owner homes was $249,500, compared with $313,400 for agent assisted home sales.

 So what do all these facts mean for you as a seller?  You want an agent that is targeting the right buyers for your home.  If your home's qualities doesn't fit the average home, you may need to adjust your price accordingly.  Buyers today are smarter and more independent, but they are still using an agent in the end.  Make sure your agent is marketing your house effectively, specifically using the Internet.  And finally, if you do decide to try and sell your house yourself, it would benefit you to pay a buyers agent since most people are buying houses with agents.  Contact me for a list of services I offer my sellers or visit my website at www.erinbarton.com.  Best of luck selling your house!