Highlights from the 2009 NAR Profile of Home Buyers and Sellers
Highlights from the 2009 NAR Profile of Home Buyers and Sellers
NAR has recently released the 2009 Profile of Home Buyers and Sellers. The report compiles the results of 9,138 surveys returned by buyers and sellers who sold or purchased a home between July 2008 and June 2009. The surveys were sent to buyers and sellers based on deed transfers and other public records. The complete report is available for purchase at www.realtor.org . Here are some highlights I found interesting:
•· 47% of all buyers were first time buyers.
•· 62% of first time buyers reported that the primary reason for buying a home was the desire to be a homeowner, 35% of all buyers reported that as the number 1 reason.
•· The median age of all buyers was 39, same as last year.
•· 83% of all first time buyers are under the age 44.
•· 62% of all buyers are under age 44.
•· 68% of the buyers surveyed in the Northeast make less than $100,000 per year.
•· 63% of all buyers had no children under the age of 18 residing at home.
•· 90% of all buyers used the internet to search. This should be your focus for 2010. Lead generation online.
•· 84% of buyers reported the photos to be the most useful information. Please use your Realtor.com website enhanced listing page to add content and photos, also utilize your other websites.
•· The number one action taken after viewing a home online was to drive by or visit the home.
•· 66% of buyers reported that they used a print ad to search, but only between 84% to 90% (depending on the print medium) reported that those sources were “not useful”.
•· 36% of buyers found the home they purchased through an agent, 36% found the home they purchased online, less than 3%found the home they purchased in a print ad.
•· 77% of buyers purchased their home with an agent.
•· 85% of sellers sold their home with an agent.
•· 39% of the mortgages were FHA loans.
•· 87% of buyers viewed real estate as a good investment.