Snapshot: NAR Profile of Home Buyers and Sellers

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A brief look at highlights from the 2011 NAR Profile of Home Buyers and Sellers, Jessica Lautz, NAR Midyear Meeting

Transcript of Snapshot: NAR Profile of Home Buyers and Sellers

  • 1.Profile of HomeBuyers and Sellers Jessica Lautz May 17, 2012

2. Home Buyers 3. Demographics Have Changed2011 Profile 2010 ProfileMedian Age45 39Gross HH Income $80,900$72,200Household Composition 64% married couples, 58% married couples,18% single females,20% single females,10% single males,12% single males,7% unmarried couples 8% unmarried couplesChildren in Home36%35%Own a 2nd Home19%14% 4. Why do buyers want to own today? First-timeRepeatAll BuyersBuyers BuyersDesire to own a home of my own27%60%8%Desire for larger home102 15Job-related relocation or move103 13Change in family situation 878Affordability of homes 811 6Desire to be closer to family/friends/relatives71 10Desire for a home in a better area 517Retirement 517 5. Expected Tenure in Home1614121086420 2006 2007 20082009 2010 2011 First-time Buyers Repeat Buyers 6. The Search Process 7. Use of Information Sources Internet 7513 12Real estate agent681913 Yard sign2035 45 Open house13 3255 Print newspaper 7 23 70 Home book or 4 14 81Home builder 7 10 84Relocation1 2 96Television 1 3 960%20% 40% 60%80% 100%FrequentlyOccasionallyRarely or not at all 8. Satisfaction With Buying ProcessSomewhat VeryDissatisfiedDissatisfied8%2%SomewhatVery Satisfied Satisfied58% 32% 9. Method of Home Purchase All Buyers Northeast Midwest South WestThrough a real estate agent or broker 89% 88%90% 86%93%Directly from builder or builders agent 7 659 5Directly from the previous owner 4 654 2 Knew previous owner 2 422 1 Did not know previous owner 2 232 1 10. Referrals Matter 50% used an agent that wasreferred to them or they hadworked with before 89% would refer their agentor work with them again 65% of home buyerscontacted only 1 agentduring their search process 11. Home Sellers 12. Who is selling today?Typical seller: 53-years-old $101,200 77% married 13% single females 6% single males 3% unmarried couples Typically lived in their homefor 9 years 13. Why are sellers moving? Job relocation Home is too small Want to move closer to friends orfamily Neighborhood has become lessdesirable Change in family situation (e.g.,marriage, birth of a child, divorce) 14. Satisfaction With Selling Process Somewhat VeryDissatisfied, 1 Dissatisfied, 50VerySatisfied, 54 % SomewhatSatisfied, 31 15. Method Used to Sell Home, 1991-2011100 41 444 4 23 3 3 4337 8 90 80 70 60 77 82 81 80 77 5079 83 82 85 84 85 84 85 88 87 40 30 20 10 19 17 15 18 16 13 14 14 13 12 12 1311 9100All FSBO (For-sale-by-owner) Agent-assisted Other 16. Method to Market HomeAll HomesListing on the Internet 92%Other Web sites with real estate listings (e.g. Yahoo, Google, etc.27Social networking Web sites (e.g. Twitter, FaceBook, etc.)5Video hosting Web sites (e.g., YouTube, etc.) 3Yard sign77Open house 58Print newspaper advertisement31Real estate magazine 25Direct mail (flyers, postcards, etc.)18Video14Television3 17. Referrals Matter 61% used an agent that wasreferred to them or they hadworked with before 85% would refer their agent orwork with them again 66% of home sellers contactedonly 1 agent during their searchprocess 18. Preview of the 2012Member Profile 19. Years of Experience of Members 25 24252020 1815 141512 11 91050 20. Evolving Communication Methods with Clients Current clients/ Past clients/ Potential clients/ customers customers customersE-mail93% 67%65%Telephone 8958 59Text messaging6629 26Postal mail 2842 38Instantmessaging (IM)21 88Blog 4 58Podcast1 12 21. Median Age of Members is Rising575656 56555454 545352 52525252515151504948 1999 2001 2003 2005 2007 2008 2009 2010 2011 2012