NVAR Spring Forecast - TJ Doyle

2008 Northern Virginia Profile of Home Buyers and Sellers: Highlights

T.J. DoyleMarketing and Communications Manager, Research Division

National Association of REALTORS®March 19, 2009

• NAR’s Research Division is located in Washington DC, and is comprised of 17 people.

• More than half are staff economists (including NAR’s Chief Economist Lawrence Yun).

• The Research Division produces new information on housing and the economy every day.

First of all…Who is NAR Research?

• Every month, NAR Research produces the Existing Home Sales report as well as the Pending Home Sales Index. The EHS numbers are often reported widely by the media.

• Everything Research does for you can be found here: www.realtor.org/research

First of all…Who is NAR Research?

NAR Profile of Home Buyers and Sellers

8 page mailed survey to roughly 4,000 Northern Virginia consumers in August 2008Excellent survey return rateThose surveyed bought homes between July 2007 and June 2008

Source: 2008 Profile of Home Buyers and Sellers

Who Are Your Buyers?

Adult Composition of Home Buyer Households


First-time Home Buyers


Age of First-time and Repeat Buyers


Household Income of First-time and Repeat Buyers


Primary Reason for Purchasing a Home


Primary Reason for Timing of Purchase


U.S.

Use of Social Networking Sites


What Are Your Buyers Looking For?

New and Previously Owned Homes Purchased


2001 2003 2004 2005 2006 2007 20080%

20%

40%

60%

80%

100%

21%28%

21% 23% 22% 23% 21%

79%72%

79% 77% 78% 77% 79%

NEW AND PREVIOUSLY OWNED HOMES PURCHASED(Percentage Distribution)

New Previously Owned

U.S.

New and Previously Owned Homes Purchased, by Region


Type of Home Purchased


Factors Influencing Neighborhood Choice


Price of Home Purchased


Importance of Commuting Costs


Very Impor-tant; 41%

Some-what

Impor-tant; 39%

Not Impor-tant; 20%

IMPORTANCE OF COMMUTING COSTS(Percentage Distribution)

U.S.

How Are They Searching?

First Step Taken During the Home Buying Process


Information Sources used in Home Search


Usefulness of Information Sources


Where Buyer Found the Home They Purchased


Buyer Interest in Purchasing a Home in Foreclosure


Use of Internet to Search for Homes


2003 2004 2005 2005 2007 20080%

10%20%30%40%50%60%70%80%90%

100%

42%53% 57% 59% 66% 69%

29%24% 22% 21%

18% 18%

USE OF INTERNET TO SEARCH FOR HOMES

Frequently Occasionally

U.S.

Information Sources Used in Home Search, by use of Internet


Web Sites Used in Home Search


It's All About You

Method of Home Purchase


What Buyers Want Most from You


What Buyers Want Most from You, by type of Buyer/Home


Benefits Provided by You


How Buyer Found You


Most Important Factors When Choosing You


Importance of Your Skills and Qualities


Satisfaction With You


Would Buyer Use You Again or Recommend You to Others


Buying the Home

Buyers Who Financed Their Home Purchase, by Age


Buyers Who Financed Their Home Purchase, by Household Type


Sacrifices Made to Purchase Home


Difficulty of Mortgage Application and Approval Process


Type of Mortgage, by type of Buyer


Buyers' View of Homes as a Financial Investment


Who Are Your Sellers?

Age of Home Sellers, by Region


Hosehold Income of Home Sellers


Adult Composition of Home Sellers


Home Selling Situation Among Repeat Buyers


Price of Home Purchased Compared to Home Recently Sold


Primary Reason for Selling Previous Home


Selling The Home

Method Used to Sell Home, by Region


Method Used to Sell Home, by Seller Urgency


Incentives Offered to Attract Buyers


Short Sales, by Region


Satisfaction with the Selling Process


Again….it’s All About You

Method Used to Find You


Did Seller Use the same Real Estate Professional for their Home

Purchase?


Level of Service Provided by You


What Sellers Want Most from You


Most Important Factor in Choosing You to Sell Home


Would Seller Use You Again or Recommned You to Others


FSBO and Agent-Assisted Sales


Selling Price, FSBO and Agent-Assisted Sellers


Incentives Offered to Attract Buyers, FSBO and Agent-Assited Sellers


Most Difficult Task for FSBO Sellers


2008 Northern Virginia Profile of Home Buyers and Sellers: Highlights

T.J. DoyleMarketing and Communications Manager, Research Division

National Association of REALTORS®March 19, 2009

NVAR Spring Forecast - TJ Doyle

Real Estate

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