NAR Profile of Buyers and Sellers 2019 - Genworth Financial › ... · How Buyer Found Real Estate...

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National Association of REALTORS®

2019 Profile of Home Buyers and Sellers

November 2019

A Practical Approach to Knowing

What You Need To Know and Doing

What You Need to Do

Free Highlightshttps://www.nar.realtor/sites/default/

files/documents/2019-profile-of-

home-buyers-and-sellers-

highlights-11-07-2019.pdf

Full Reporthttps://store.realtor.org/produc

t/report/2019-nar-profile-

home-buyers-and-sellers-

download

2019 NAR Profile of Home Buyer and Sellers

https://www.nar.realtor/sites/default/files/documents/2019-profile-of-home-buyers-and-sellers-highlights-11-07-2019.pdf

https://store.realtor.org/product/report/2019-nar-profile-home-buyers-and-sellers-download

Quick Highlights

I Hope You Will Stay For The Rest… The Specifics

1 Out Of 3 (33%) Home Buyers Were First-time Homebuyers

70% Of All Buyers Were Married / Unmarried Couples

20% Of Home Buyers Were Veterans (3% Active Duty)

Only 13% Of Homes Bought Were New Homes

15 Miles Median Distance From Residence To Purchased Home


Quick Highlights

Median Price Of All Homes Purchased Was $257,000

Only 16% Of All Buyers Contacted A Real Estate Agent As The 1st Step

In The Process

89% Of All Buyers Purchased The Home Through A Real Estate Agent /

Broker

86% Of Buyers Financed The Home Purchase

81% Of Buyers Viewed The Home Purchase As A Good Investment


I Hope You Will Stay For The Rest… The Specifics


Age Of Home Buyers

Age Of Home Buyers

FTB All Buyers

25-34 52% 25%

35-44 21% 20%

45-54 9% 15%

55-64 7% 17%

65-74 3% 16%


HomeFacts.com


Age Of Home Buyers

Age Of Home Buyers

FTB All Buyers All Buyers

25-34 52% 25% 31% NE 21% W 29% MW 22% S

35-44 21% 20%

45-54 9% 15%

55-64 7% 17%

65-74 3% 16% 10% NE 18% W 15% MW 17% S


DownPaymentResource.com


Add It Or Know How To Compete Against It


Trends Matter

Median Age Of Home Buyers

1989 1999 2009 2019

FTB 30 32 30 33

Repeat Buyer 40 45 49 55

FTB% 38% 42% 47% 33%


miblog.genworth.com


Trends Matter

Median Age Of Home Buyers

1989 1999 2009 2019

FTB 30 32 30 33

Repeat Buyer 40 45 49 55

FTB% 38% 42% 47% 33%

Type Of Home Purchased

1989 1999 2009 2019

New 29% 22% 18% 13%

Previously Owned 71% 78% 82% 87%


Building Homes

Regulations

Tariffs

Workers

Margins

Look At Money


Median Price New Home $329,750

Median Price Previously

Owned Home $245,000

Look At Money


Household Income Of Home Buyers

FTB All Buyers

< $100,000 67% 55%

$100,000 - $149,999 22% 24%

$150,000 - $199,999 8% 10%

> $200,000 5% 11%

Median Price New Home $329,750

Median Price Previously

Owned Home $245,000

An Opportunity For You


Who Is Buying


Composition Of Home Buyers

All Buyers FTB

Married Couple 61% 53%

Unmarried Couple 9% 17%

Single Female 17% 17%

Single Male 9% 10%

Other 3% 4%

Ethnicity


Race /Ethnicity of Home Buyer

FTB All Buyers

White 76% 84%

Hispanic 11% 7%

Asian / PI 7% 5%

Black / AA 7% 4%

Others 4% 3%

New Census 2020


Kids


# Of Children Under 18 In Home

0 65%

1 15%

2 13%

3+ 7%

What About Furry Feet?



https://petlas.world/

New Measures


Home Buyer Sexual Orientation

Heterosexual 91%

Prefer Not To Say 5%

Gay / Lesbian 3%

Bisexual 1%

Self Describe 1%

Home Buyer Identifies As

Transgender

Not Transgender 98%

Not Answered 2%

Transgendered <1%


Random Stats

91% Home Buyers Born In USA (86% FTB)

96% Home Buyers Speak English At Home

83% Bought DSF (81% FTB) (Pretty Consistent Over Time)

Expected Tenure In Home - 15 Year Median

20% Of All Buyers Say This Is Their Forever Home

Buyers Search Median 10 Weeks And View 9 Homes

63% Buyers Very Satisfied With Home Buying Process

89% Purchased Home Thru Real Estate Professional (69% in 2001)

22% Buyers Received List Of Mortgage Providers From Real Estate Agent

Where Are They Now?


Prior Living Arrangements FTB

Rented 71%

Live W/FF & $ 11%

LIVE W/FF & N0 $ 12%

RTO 4%

Educational

Opportunity

Where Are They Now?


Prior Living Arrangements FTB

Rented 71%

Live W/FF & $ 11%

LIVE W/FF & N0 $ 12%

RTO 4%

Median Seller Tenure In Home 10 Years

Distance Between Home Bought

And Sold Median 20 Miles

Median Equity In Home Sold 31%

Why?


Primary Reason Why Did You Buy?

All Buyers FTB

Desire To Own 29% 64%

Closer To FF 9% 2%

Bigger Home 9% 3%

Change In Family 8% 7%

Job Related 7% 3%

Better Area 7% 2%

Two Thoughts

New Or Previously Owned?


Why Did You Buy A New Home?

Avoid Repair / Renovation 39%

Customize Features 32%

Amenity of New Home Community 21%

Green 10%

Smart Home 3%

Why Did You Buy A Previously Owned Home?

Better Overall Value 33%

Better Price 31%

Lack Of Inventory Of

New Homes 10%

Opportunity

Not So Much

Mixed Message

Deal Of the Day

Alarm Clock – Music Choice

Dictate Hands Free Text

Message

Make Donations

MyPetDoc

Order Pizza

Recipes

Play Music

Personal Trainer

Check Credit Card Balance

Check Stock Prices

Find Restaurants

Drink Recipes

Meow – Talks To Your Cats

Sound Box

Lights On/Off

TV

Robot Vacuums

Start Your Car

TaskRabbit

Nest

Schedule Meetings

Podcasts

Day In History

Sports Scores

Pregnancy Tips

Meditate

Get First Aid

70,000 Skills


Where?


Where Did You Buy?

Suburbs 50%

Small Town 22%

Urban 13%

Rural 13%

What They Care About


Factors Influencing Buyers

Quality Of Neighborhood 63%

Convenience To Job 46%

Convenience To FF 41%

Close To Shopping 30%

Quality Schools 26%

Good For Pets 18%

Public Transportation 5%

Negotiation


Purchase Price vs Asking Price

<90% 8%

90%-94% 13%

95%-99% 35%

100% 30%

101%-110% 12%

Negotiate Rate?

They Care


What's Very Important When Buying?

Commuting Cost 33%

Heating/Cooling Cost 35%

Windows/Doors/Siding 32%

Energy Efficient Appliances 22%

Solar Panels 4%

First Things First


First Step In Home Buying Process

Looked Online For Properties 44%

Contact Real Estate Agent 16%

Looked Online About Process 12%

Contact Lender 7%

& Friends

First Things First


First Step In Home Buying Process

Looked Online For Properties 44%

Contact Real Estate Agent 16%

Looked Online About Process 12%

Contact Lender 7%

Where The Buyer Found The Home

2001 2019

Internet 8% 52%

Real Estate Agent 48% 29%

Yard / Open

House Sign 15% 6%

What They Are Using


Information Sources Very Useful

Online Website 87%

Mobile Device 82%

Real Estate Agent 78%

Open House 40%

Yard Sign 33%

Television 14%

What They Are Using


Very Useful Website Features

Photos 87%

Detailed Info 85%

Floor Plan 52%

Virtual Tour 42%

Neighborhood Info 40%

Interactive Map 37%

Why Aren’t You Here?

What They Are Doing


Actions Taken After Internet Home Search

Walk Through Home 65%

Drive Through Neighborhood 41%

Found Real Estate Agent 34%

Pre-Qual Mortgage 20%

Inquired About Mortgage Process 16%

Applied For Mortgage Online 16%

Found Mortgage Lender Online 11%

How They Get To You


How Buyer Found Real Estate Agent

Referral By FF 41%

Used Agent Previously 12%

Inquire About Property Online 7%

Referral By Other Agent 6%

75% Buyers Would Definitely Use Real Estate Agent Again Or

Recommend

15% Buyers Would Probably Use Real Estate Agent

37% Buyers Never Recommended Real Estate Agent To Others

Asking For Referrals


Q1 2 4

Q2 4 8

Q3 8 16

Q4 16 32

Q5 32 64

Q6 64 128

Q7 128 306

Q8 306 612

Q9 612 1224

Cheers


LOGO

HERE

Mortgage Stats


94% FTB Got A Mortgage With A Median 6% Down

82% Repeat Buyers Got A Mortgage With A Median 16% Down

31% Buyers Found Mortgage Process Much More Or Somewhat More

Difficult Than Expected

5% Buyers Had Been Rejected From Mortgage Lender

35% Due To DTI

21% Due To Low Credit Score

14% Due To Inability To Verify Income

12% Dues To Insufficient Down Payment

Random Mortgage Stats


39% FTB Had Student Debt (Median Amount $30,000)

89% All Buyers Had Fixed Rate Mortgage

9% Buyers Had A Previously Distressed Property Sale

31% Of Home Sellers Were First Time Home Sellers

Who Is Next?


Non - Owners Surveyed

Rent 75%

Millennials 49%

Gen X 26%

Married 25%

Median Income $47,500

Who Is Next?



Rent 75%

Millennials 49%

Gen X 26%

Married 25%


Difficulty To Become A Home Owner

Due To Current Financial Situation

Very Difficult 27%

Somewhat Difficult 30%

Who Is Next?



Rent 75%

Millennials 49%

Gen X 26%

Married 25%


Difficulty To Become A Home Owner

Due To Current Financial Situation

Very Difficult 27%

Somewhat Difficult 30%

78% Say Home Ownership

Is A Good Financial

Decision

81% Say They Will

Eventually Own

Contact Info

Steve Richman

[email protected]

919 870.2519

Please Join Me –

LinkedIn: www.linkedin.com/in/steverichman

Facebook: www.facebook.com/ThatMIGuy


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NAR Profile of Buyers and Sellers 2019 - Genworth Financial › ... · How Buyer Found Real Estate...

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