2010 NAR Profile of Home Buyers and Sellers Highlights
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2010 NAR Profile of Home Buyers and Sellers Highlights
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2010 NAR Profile of Home Buyers and Sellers Highlights
- 3. Home Buyers
- 4. Share of First-Time Buyers
- 6. Why do buyers want to own today?
- 9. Expected Tenure in Home Years in Home
- 11. Usefulness of Information Sources
- 12. Length of the Search Process
- 13. Method of Home Purchase
- 14. Benefits Buyers Had When Using an Agent First-time Buyers Repeat Buyers Helped buyer understand the process 80% 53% Pointed out unnoticed features/faults with property 55 50 Negotiated better sales contract terms 43 40 Improved buyer's knowledge of search areas 41 43 Provided a better list of service providers 41 42 Negotiated a better price 34 34
- 16. Financing the Home Purchase
- 18. Housing a Good or Bad Financial Investment?
- 19. Used Tax Credit
- 20. Home Sellers
- 22. Why are sellers moving?
- 24. Equity Earned in Home
- 25. Method Used to Sell Home
- 28. Social Media Changing Landscape
- 29. First Step in Home Buying All Buyers First-time Buyers Repeat Buyers Looked online for properties for sale 36% 32% 41% Contacted a real estate agent 19 16 22 Looked online for information about the home buying process 11 15 8 Contacted a bank or mortgage lender 8 10 6 Drove-by homes/neighborhoods 7 6 9
- 30. Frequency of Use of Different Information Sources
- 31. Usefulness of Information Sources
- 32. Value of Website Features Very Useful Somewhat Useful Not Useful Did not use/Not Available Photos 85% 14% 1% 1% Detailed information about properties for sale 83 16 1 1 Virtual tours 61 27 5 6 Real estate agent contact information 45 35 10 10 Interactive maps 43 35 10 12 Neighborhood information 40 43 9 8 Pending sales/contract status 33 35 16 16 Detailed information about recently sold properties 30 39 16 15 Information about upcoming open houses 21 34 22 23
- 33. Websites Used by Age of Buyer AGE OF HOME BUYER All Buyers 18 to 24 25 to 44 45 to 64 65 or older Multiple Listing Service (MLS) Web site 59% 57% 60% 58% 55% REALTOR.com® 45 47 46 44 42 Real estate company Web site 43 45 44 43 38 Real estate agent Web site 42 41 44 41 40 Other Web sites with real estate listings 30 38 33 26 24 For-sale-by-owner Web site 15 12 16 14 10 Homes.com 11 15 11 12 6 Newspaper Web site 8 12 9 7 8 Real estate magazine Web site 4 5 4 4 6 Social networking Web sites (e.g. Facebook, MySpace, etc.) 2 2 2 1 1 Video hosting Web sites (e.g. YouTube, etc.) 1 1 1 1 *
- 34. Actions Taken from Result of Internet Search All Buyers First-time Buyers Repeat Buyers Walked through home viewed online 45% 44% 47% Found the agent used to search for or buy home 29 30 29 Drove by or viewed home 21 22 20
- 35. Where Buyer Found Their Home
- 36. Disconnect: Sellers’ Method to Market Home All Homes Listing on the Internet 91% Yard sign 79 Open house 56 Print newspaper advertisement 28 Real estate magazine 25 Other Web sites with real estate listings 25 Direct mail (flyers, postcards, etc.) 16 Video 12 Social networking Web sites 5 Television 2 Video hosting Web sites (e.g., YouTube, etc.) 2 Other 5
Editor's Notes
- The survey was conducted with recent home buyers who purchased a home between July 2008 and June 2009. Seller information was gathered from those home buyers who also sold a home. We sent out 120,038 questionnaires, and received 9,138 responses, for a response rate of 7.9 percent. Paper survey. Names obtained from Experian.
- 82% of homes were previously owned 78% detached single family homes Built in 1991 1,800 square feet More than half of homes purchased were in the suburbs, 18% in urban areas, and 17% in small towns. One in ten were in rural areas. Buyers typically moved 12 miles.
- 90 percent of home buyers used the Internet in their home search. A share that has been steadily increasing. 87 percent used real estate agents in their home search. Buyers continue to site finding about the home they purchased from their real estate agent (36%) and the Internet (36%)
- Typically a buyer viewed 12 homes during the search process. In the West buyers typically viewed 15 homes, in the Midwest and South 12 homes and Northeast the lowest amount at 10. Buyers who didn’t use the Internet typically only saw 5 homes. Those who used the Internet saw 15.
- In the West 17% percent of home purchases were through a foreclosure. 9% in the South, where one in ten purchased through a builder, Midwest only 8% purchased through a foreclosure, and 4% in the Northeast. 15% of unmarried couples bought foreclosures. First time buyers were slightly more likely to purchase a foreclosed home.
- 66% would definitely refer their agent or work with them again an additional 22% probably would 66% of home buyers contacted only one agent during their search process One in five contacted 2 agents.
- 92% of home buyers financed their home purchase FT buyers typically finance 96 percent of their home purchase and repeat buyers typically finance 85% The percent of buyers who financed 100 percent of their home purchase dropped from 23 percent to 15 percent of buyers. This has continued to decline in recent years.
- While more than half of buyers did not need to cut spending or make any sacrifices for their home purchase Repeat buyers make less sacrifices than first time buyers. Spending habits differ from household composition. Cut spending on luxury items—32 percent Cut spending on entertainment –30 percent Cut spending on clothes—23 percent Cancelled vacation plans—12 percent
- 26% reduced their price once incentives—21 percent home warranty policies and 18 percent assistance with closing costs
- 50 percent also purchased an older home, while 1/3 purchased a newer home. Age influenced the price trade as well as the square footage.
- Percent change in selling price compared with purchase price
- Reputation of agent Agent is honest and trustworthy Agent is friend or family member Agent’s knowledge of the neighborhood
- 59% would definitely refer their agent or work with them again an additional 22% probably would 64% of home buyers contacted only one agent during their search process One in five contacted 2 agents.
- The survey was conducted with recent home buyers who purchased a home between July 2008 and June 2009. Seller information was gathered from those home buyers who also sold a home. We sent out 120,038 questionnaires, and received 9,138 responses, for a response rate of 7.9 percent. Paper survey. Names obtained from Experian.