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 http://www.realtor.org . Here are some highlights I found interesting and notable for both buyers and sellers in our area.
• 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.
• 62% of all buyers are under age 44.
• 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.
87% of buyers viewed real estate as a good investment.
So what does it all mean to buyers and sellers?
First time home buyers require an education before they purchase. They need to be working with an agent that will take the time to help them discover the tradeoffs they are willing to make in the purchase of their home…square footage, location, condition, etc. There are tradeoffs in every price range.
The online marketing that agents are doing for their sellers is crucial to get buyers in the door and to receive offers.
And most importantly, even in the current economic environment, most buyers still see the long term value of real estate as an investment.