Posts Tagged as Profile of Buyers

Five Times Bargain Hunting Leads to Buyers Remorse

Five Times Bargain Hunting Leads to Buyers Remorse

Buyers looking for a bargain? In today’s housing market, that’s a tall order. Before buyers take their thriftiness too far, they need a few real estate sales tips to warn them of the pitfalls that can lead to a regrettable purchase.

Five Times Bargain Hunting Blows Up:

Assuming a Better Deal from a Short Sale

Buyers new to the market often rely on short sales to snap up a bargain, but can be left frustrated when they fail to realize up-front how few and far between these deals are. The market has changed considerably in post-crash years. The onset of shopping is when to kindly help your buyer get with the times.

Making Huge Compromises to Score a Better Deal

In a hot market, buyers can be quick to jump the gun, compromising on homes without enough bedrooms, far from work, and trying to come in below budget. This shortsighted mentality will quickly lead to remorse within months of move-in. Help your buyer carefully rank must-haves and stick to them.

Hiring a Cheap Home Inspector (or Skipping it)

Among top real estate sales tips for buyers: A cheap (or neglected) home inspection may seem like savings out-of-the-box, but those few dollars saved could quickly lead to heartache as thousands-of-dollars in hidden home issues, from termites to electrical and foundations, surface. Reminding buyers an inspection is a tool that will allow them to renegotiate price and address dangerous issues is key.

Requesting Unreasonable/Endless Inclusions/Repairs

In today’s market, this will cost buyers a deal, fast.

Lowball Offers on Languishing Homes

Instead of cinching a deal, this costs in credibility, and often leads to bidding wars. It’s important to stand out in a positive way, especially in multiple-offer scenarios.

Do you have the real estate sales tips you need to keep buyers coming back for more? Ensure a happy home sale with the help of Properties Online today.

What Does the Average Home Buyer Look Like?

Millennial Home Buyers Shake Up the Real Estate Market

In multiple markets, Millennials are snatching up housing, outpacing Boomers in the purchase of new homes in 88% of the top 100 Core Base Statistical Areas (CBSAs). In 33% of the top metro areas, they are even outpacing Gen-X buyers. Are you cashing in on the latest real estate trends for 2016?

Where are Millennials migrating?
Nationwide, 16.7% purchased a resale home; 30.04% a new home. Of the top 100 markets, Millennial purchases include:

  • Austin-Round Rock, Houston-The Woodlands-Sugar Land, and Dallas-Fort Worth-Arlington are the top 8 metros where millennials comprise a large percentage of buyers.
  • San Antonio – 39.6% of homes purchased by Millennials (Gen-X 30.33%; Boomers 13.96%)
  • Houston – 34.47% (Gen-X 34.47%; Boomers 11.57%)
  • The Chicago metro, including northwest Indiana and southeast Wisconsin, and the Washington, D.C. metro are also comprised of a large portion of Millennial buyers.

Are they buying lower-priced homes?
Millenials are also purchasing homes in areas that top median home sales, with four metro areas in California at the head of the list. These include California’s Bay area as well as (in order of expense):

  1. Napa, CA:
    The top median home price ranking, with three closings at a median price of $762,500.
  2. The San Francisco metro area, including San Francisco, Oakland, and Hayward:
    451 new home closings with a median price of $696,700.
  3. San Jose, CA, including Sunnyvale and Santa Clara:
    133 closings with a median price of $640,700.
  4. Southern California, including metro Los Angeles, Long Beach, and Anaheim:
    Sales in this region include 537 new home closings at a median price of $612,900.
  5. Urban Honolulu, HI
    125 home closings with a median price of $500,000.

In real estate trends for 2016, it appears Millennials’ are finally moving up. Do you have what it takes to cater to this new generation of homebuyers? Properties Online can help. Contact us today.

Profile of Home Buyers & Sellers

2012 NAR Profile of Home Buyers and Sellers Statistics

The annual report I value most is the NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers. This report 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.

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.