National Association of Realtor Statistics You Should Be Aware of When Buying or Selling a Home | Kingwood TX Houston TX Humble TX

Statistics Provided by the National Association of Realtors

These statistics were provided from a summary report - National Association of Realtors Profile of Home Buyers and Sellers 2008.  I found the statisitcs to be quite interesting as I am sure you will.  To find out how you can benefit from the real estate services offered by Jeremy Williams of Keller Williams Realty NE, call Jeremy today at 281-812-8229.

Characteristics of Home Buyers

• 41% First-Time Buyers
• Typical first-time buyer's age was 30.
• Typical repeat buyer's age was 47.
• 20% buyers were single females
• 10% buyers were single males
• 66% main reason for purchasing a home - desire to own a home

Characteristics of Homes Purchased

• 21% of homes purchased - new construction (Down 2% from 2007)
• Avg. size home purchased - 1,825 sq. ft.
• 78% of buyers purchased a detached single-family home
• Median price of homes purchased in the south - $185,000
• Commuting costs were important to 80% of buyers

The Home Search Process

• 33% of home buyers began their search online
• 87% of all home buyers used the Internet to search for homes
• 81% of buyers felt their Realtor provided useful information during the buying process
• The typical buyer search 10 weeks and viewed 10 homes
• Only 6% of buyers purchased a foreclosure

Home Buying and Real Estate Professionals

• 81% of buyers purchased a home through a real estate agent
• 54% purchased a new home through a real estate agent (up 4%)
• 43% of buyers found their agent through a referral or family member
• 70% buyers would use their real estate agent again or recommend the same agent to others

Financing the Home Purchase

• 93% of home buyers financed their home purchase
• 34% of first-time home buyers financed 100% of the purchase price (down from 45% in 2007)  I would expect this to significantly decrease in 2009.
• 46% of home buyers noted that they made sacrafices in the areas of luxury spending, entertainment, clothing, etc. to qualify for a mortgage
• 25% of first-time home buyers said the financing application process was more difficult than expected
• 10% of all home buyers said the financing application process was more difficult than expected

Home Sellers and Their Selling Experience

• Just over 50% of home buyers traded up to a larger, higher priced home
• 84% of home sellers utilitized the services of a Realtor
• Sellers typically sold their homes for 96% of list price
• 60% reported they reduced their price at least once
• 42% of sellers offered incentives to attract buyers (closings costs and home warranty policies)

Home Selling and Real Estate Professionals

• 38% of sellers who used a Realtor found their agents through a referral from friends or family, 26% used a Realtor that they had previously worked with to buy or sell a home
• 90% of sellers reported that their home was advertised on the internet
• 85% of sellers that used a Realtor said they would use that Realtor's services again

For-Sale-By-Owner (FSBO) Sellers

• 45% of FSBO sellers knew the buyer prior to the transaction
• 59% of FSBO sellers try to sell the home on their own to avoid paying a commission
• 25% of FSBO sellers took no action to market their home, 72% did not offer any incentives to buyers
• 42% of FSBO sellers used yard signs, and more than 25% listed on the Internet

After reading these statistics, you can see the importance and value seen in using Realtor services whether buying a home (including new construction) or selling a home.  I have adapted my business in the last couple of years to match the statistics that reference where home buyers began their search - The Internet.  If you are considering a Realtor that has not adapted their business to reflect the statistics of the importance of online presence, you might want to reconsider.  I advertise my real estate listings on the Houston Association Realtors website, my professionally designed website by Magnetiks www.williams4yourhome.com, utilize virtual tour software, KW.com, Craigs List, Facebook, Twitter, and many, many more.  If such a high percentage of buyers start their search on the Internet, does it only make sense that your Realtor have a significant online presence.  Just some food for thought. 

I hope you enjoyed this information.

Jeremy Williams of Keller Williams Realty NE services the residents of the northeast Houston area including Kingwood, Humble, Atascocita, Fall Creek, Eagle Springs, Summerwood, Lakeshore, and Walden on Lake Houston.  For additional information about Jeremy Williams and his real estate services, visit www.williams4yourhome.com or read more at NE Houston Real Estate | Williams4YourHome.