The NATIONAL ASSOCIATION OF REALTORS® has long-established itself as a provider of valued data relevant to the industry. One of the organization’s most recent studies is the 2014 Profile of Home Buyers and Sellers, just released in November.
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. This annual NAR survey of recent home buyers and sellers provides key insight into respondents’ experiences with this important transaction. Topics covered in the report include who today’s buyers and sellers are, how they use the services of real estate professionals and what role the internet plays in the buying/selling process. Topics are presented in a user-friendly format designed to allow easy comparisons with previous studies through a mix of charts, graphs and tables.
Knowing key trends and demographics that constitute the environment your potential clients reside in, as well as who they themselves are, is a fantastic way to develop strategic insights that can grow your business in 2015. Reviewing NAR’s 2014 Profile of Home Buyers and Sellers is a great place to start. Here are just a few data points you will draw from this must-read report:
Thirty-three percent of recent home buyers were first time buyers, which is still suppressed from the historical norm of 40 percent among primary residence buyers.
For 43 percent of home buyers, the first step in the home-buying process was looking online for properties and 12 percent of home buyers first looked online for information about the home buying process.
Ninety-two percent of buyers use the internet in some way in their home search process and 50 percent of buyers use a mobile website or application in their home search.
Real estate agents were viewed as a useful information source by 98 percent of buyers who used an agent while searching for a home.
The typical home buyer searched for 10 weeks and viewed 10 homes—this is two weeks shorter than the previous year’s report.
Seventy percent of home sellers only contacted one agent before selecting the one to assist with their home sale.