The annual report I value most is the NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers. This report – just released on 11/10/2012 is packed full of useful statistics for agents and brokers who are looking to educate themselves about the sales process from the perspective of the Home Buyer and Seller. It clearly shows where agents should be focusing their marketing dollars (hint: not the newspaper) and also provides important details about the Buyers and Sellers experience during the sales transaction. To purchase the complete report, you can visit the REALTOR.org store. If your a REALTOR you can download the report for $19.95 or purchase the printed and bound version for $50.00.
Here are the highlights:
- 39 percent of recent home buyers were first-time buyers, a slight rise from 2011, but closer to the historical norm of 40 percent.
- 65 percent of recent home buyers were married couples—the highest share since 2001. Conversely there was the lowest share of single buyers since 2001.
- For 52 percent of home buyers, the first step in the home-buying process was taken online.
- The typical home buyer searched for 12 weeks and viewed 10 homes—a decline from 12 homes in prior year, which speaks to the tightened inventory in many areas.
- 89 percent of buyers purchased their home through a real estate agent or broker, similar to last year’s report—a share that steadily increased from 69 percent in 2001.
- 88 percent of sellers were assisted by a real estate agent when selling their home.
- Only 9 percent of recent sellers sold via FSBO sale. Among FSBO sellers who did not know the buyer prior to the sale—20 percent sold via FSBO because the buyer directly contacted them.
- Approximately two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.