Highlights from the 2009 NAR Profile of Home Buyers and Sellers

By
Real Estate Agent with Weichert, Realtors - Engle and Hambright

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.

•·         Buyers in the Northeast moved an average of 10 miles from where they currently lived.

•·         90% of all buyers used the internet to search.

•·         84% of buyers reported the photos to be the most useful information.

•·         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.

So, besides making a handy list, what else does the report tell us?  It tells us specifically who the buyers and sellers are, what they want from us, where they want to go and most importantly, what their priorities are.  Valuable information for any customer service professional!

I'd like you to be part of the conversation, so if you like what you read here please comment, forward The Lancaster Connection.com to your friends, subscribe and as always, if you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-490-8999!

Your Friend in Real Estate,

Jason Burkholder

Weichert, Realtors - Engle & Hambright

Search for Lancaster County Homes for sale at www.JasonsHomes.com by clicking here!

Want to see what's happening to home prices in your neighborhood?  Go to www.RealEstateCrystalBall.com !

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If you want to search Lancaster County homes for sale, visit www.JasonsHomes.com and use my Easy MLS home search that shows you all the homes for sale in the Lancaster County PA Multiple Listing Service (MLS) !

As always, I'd like you to be part of the conversation, so if you like what you read here please comment, forward this post to your friends and subscribe! 

If you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-291-1041!

Search for Lancaster County Homes for sale at www.JasonsHomes.com by clicking here!

 

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Re-Blogged 20 times:

Re-Blogged By Re-Blogged At
  1. Donald Bradbury 12/15/2009 10:42 PM
  2. Monique Hailer & Todd Combs, PA 12/15/2009 11:06 PM
  3. Nancy Minor 12/16/2009 08:41 AM
  4. Chris Hill 12/16/2009 08:46 AM
  5. Gareth Ellzey 12/16/2009 09:03 AM
  6. Barb Hutson 12/16/2009 10:17 AM
  7. Miriam Munzer 12/16/2009 11:50 AM
  8. Mark Rienzie 12/16/2009 12:05 PM
  9. Inez Meehan 12/16/2009 04:14 PM
  10. John Martelotti 12/16/2009 04:33 PM
  11. Jim Hale 12/17/2009 04:29 AM
  12. Kay Van Kampen 12/17/2009 06:40 AM
  13. NAR Research 12/17/2009 06:52 AM
  14. Katie Minkus 12/17/2009 12:32 PM
  15. Peter - Toronto Real Estate Photo & Video 12/17/2009 01:00 PM
  16. Deborah Grimaldi 12/18/2009 06:15 AM
  17. Cheryl Ritchie 12/21/2009 07:52 PM
  18. Jay Groccia 01/12/2010 06:52 AM
  19. Sybil Campbell 01/20/2010 09:44 PM
Topic:
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Rainer
83,355
NAR Research
National Association of Realtors - Washington, DC

Jason,

Just so you know, this Profile is available as a free  PDF for members of NAR through our "Right Tools, Right Now" program.  You can download the PDF here: http://www.realtor.org/prodser.nsf/RightTools/ResearchTools?OpenDocument.  You'll also find a lot of other free Research products available at that link - I hope this is helpful!

Dec 17, 2009 06:50 AM #84
Rainer
30,814
Dan Cheek
Baltimore, MD
Internet Lead Management

Well done, Jason and congrats on getting featured.  As an industry, we need to better understand our customer.  Every year this report illustrates how buyers especially continue to use the Internet to not only search for but find properties.  Last year it was 87% using the Internet and 32% found the home they purchased online.  Those numbers continue to go up, showing us all how we need to embrace technology if we're going to be successful with any of the 78 million Gen X and Gen Y buyers and sellers.

Dec 17, 2009 07:48 AM #85
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

Lottie - Thanks for reading, there is lots of great info in there besides this, so read on!

Christine - The other 25% were from various sources such as builders, auctions, FSBO, bought from a someone they knew, etc.

NAR Research - Thank you, it is helpful for everyone, I read your research reports, on most anything, whenever you release them!

Dan - Absolutetly and if the fact that there are 78 million of of us doesn't convince everyone to get on board with connecting to Gen XY, then I don't know what will!

Dec 17, 2009 08:42 AM #86
Rainer
117,198
Beverly of Bev & Bob Meaux
Keller Williams Suburban Realty - West Orange, NJ
Where Buying & Selling Works

I always read these things and like to follow the national trends and see how they work in my area. 83% are under the ago of 44 and 63% of all buyers had no children under the age of 18 residing at home is striking and very telling.

Dec 17, 2009 08:54 AM #87
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

Bev and Bob - me too, it's always interesting to relate them back to the market.  The lack of kids at home tells me that we need to be thinking long and hard about how we market home, in the past size/bedrooms was a key factor, btu I wonder if it is anymore?

Dec 17, 2009 09:06 AM #88
Rainmaker
59,162
Anna Stout
F.C.Tucker Co.-Carmel/Westfield IN Homes for Sale - Westfield, IN

Jason

Thanks for the post. It is very informative.  I agree that the average age of our consumer is critical and we need to market accordingly.

Dec 17, 2009 10:27 AM #89
Rainmaker
818,992
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Jason, thanks for the summary report.  I can't believe that NAR makes us pay for that survey, but that's for another post entirely.  I think the report tells you exactly where you should be focusing your marketing right?  Under 44 years old, which would mean internet based marketing.  Just over 1/3 have little money to put down, some dings in the credit or just don't want any lender hassles so they've gone FHA.  I would say that total is up BTW.  Buyers stayed within 10 miles of where they currently are - interesting.

Dec 17, 2009 11:37 AM #90
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

Anna - Thanks for reading, I think it's all about identifying with our consumer, we can't effectively sell to them without knowing who they are!

Lyn - Actually, I didn't point it out but some of the commentors did, NAR offers it as a free download, no cost!  I agree, online and local ads work best, it will be interesting to see how this all plays out next year if the folks who are trying to reaise the FHA downpayment requirements get their way

Dec 17, 2009 12:46 PM #91
Rainer
8,572
Jack Lindberg
AgentsPlanet - Las Vegas, NV

Wow... great post - thanks to you and AR for featuring this post and for helping the rest of us stay up on what's going on.  I'm wondering how much the foreclosure/credit issues going on are affecting the percentage of first time homebuyers in those stats.  By that I mean that anyone that is a first time homebuyer didn't own a home before... therefore doesn't have a foreclosure on their record so they are in a better position with credit than many...

One thing I noted is:  even with these stats, after searching randomly for commenter's websites, I didn't find any great websites.  It's sad that we aren't putting a little more into our online presences. 

#1 - an IDX with a map search - featured.  Even those that know an area prefer a map-based home search. 

#2 Sites with tons of text and links and $#%&#& on the homepage.  Don't try to play the search engine game cheaply.  Google is smarter than we are so make your homepage useful.  When a prospect lands there (and most of you only have two prospects), use the homepage to make a good impression and direct them where they want to go (like a lobby in an office - it has nice furniture, marble floors, etc. and a receptionist that asks - How can I help you?).  You should use your homepage to identify whether they are a BUYER or SELLER and give them a few basic choices... A> HOME SEARCH (both want to search the MLS - a buyer for a home and a seller because they will be a buyer and because they want to see what homes like theirs are listed for), B> BUYER INFORMATION, C>SELLER INFORMATION D> CONTACT INFORMATION E> LINK TO TIE TO YOU PERMANENTLY (either RSS'ing your blog or connecting with you on social media)

THAT'S IT!!  No need to babble on the home page.  Once a buyer clicks on buyer info, for example,  THEN you can expand on THAT subject.  (you can tease them on the homepage with a few words about the benefits of what they will be clicking to).  So, go back and touch up your web presence... and I agree completely with Peter Fyler... good pictures are essential.  They will come in handy for you in at least 3 different ways - Use in marketing the home (which means flyers (>180DPI needed), websites (>93DPI), MLS (>93DPI), print ads (up to 300DPI), Use for sellers (some agents even give a gift of a nice photo of their previous home with contact info on it as a gift to sellers) and Use for testimonials in the future... so spend a little extra time or $$ and take good quality photographs.

Dec 17, 2009 02:06 PM #92
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

Jack - Thanks for reading, it will be interesting to see how those foreclosures impact, I think they will a force to be reckoned with in some parts of the country

Dec 17, 2009 03:16 PM #93
Rainmaker
56,773
John Queenan
CDPE, Nicholas H. Fingelly Real Estate - Sandy Hook, CT

Thanks Jason for highlighting the best of the report. Now to block some time for the rest...

Dec 17, 2009 05:20 PM #94
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

John - Absolutely, I would read it all!

Dec 17, 2009 06:04 PM #95
Rainer
8,572
Jack Lindberg
AgentsPlanet - Las Vegas, NV

Especially in Las Vegas where the foreclosures have impacted everyone!

Dec 17, 2009 06:12 PM #97
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

Jack - yes, it would be tough in Vegas.  Fortunately, we don't have a big issue in my market area, pretty stable economically here

Dec 18, 2009 08:01 AM #98
Rainmaker
93,313
Dana Smithers
PRES Staging Resource Centre - Vancouver, BC
PRES Staging Training, Redesign Training & Busines

Thanks for those stats. I remember a few years ago when I started staging training it was 79% of prospective buyers use the internet. You can see how much more important it is now to STAGE A HOME!!! About the photographs on the MLS - a seller's realtor came and took photos before I had done the staging and would not come back to take new photos for the listing after it was staged. Hmm who is that realtor working for and what was he thinking!

Dec 21, 2009 05:04 PM #99
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

Dana - it is amazing how obstinate some people can be, it is so easy to change pictures anytime you'd like!  Thanks for reading!

Dec 21, 2009 09:14 PM #100
Rainmaker
107,496
Dana Devine
Charles Rutenberg Realty - Apollo Beach, FL

thanks for taking the time to repost that informaiton from NAR to AR

Dec 23, 2009 09:29 AM #101
Rainmaker
115,999
Jason Burkholder
Weichert, Realtors - Engle and Hambright - Lancaster, PA
Sales Manager, Assoc. Broker, Realtor, e-Pro

Dana - thanks for reading!

Dec 23, 2009 11:22 AM #102
Rainmaker
261,532
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

Thanks for sharing that useful information Jason. It pretty much confirms what I thought anyways.

Jan 13, 2010 11:50 PM #103
Rainer
1,613
Art Ramsey
Seattle, WA

Stats are way off from the NW.

Mar 03, 2010 08:08 AM #105
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Rainmaker
115,999

Jason Burkholder

Sales Manager, Assoc. Broker, Realtor, e-Pro
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