Posted by: rgmorgan | December 4, 2009

The Who and How of Buying and Selling Real Estate

The National Association of Realtors recently provided some data regarding who bought real estate and who sold real estate as well as some insight into the methodology of both. The report is 116 pages long so what you will see here is just a brief recap.
“Why should you care, isn’t that information just for realtors?”, you might ask. As you consider buying or selling doesn’t it make sense to understand the market and your competition. As you will see in the majority of transactions a real estate professional was used but it still makes sense to educate yourself. Please keep in mind that for the most part these are national statistics and your local market may vary so consult your real estate professional.
Let’s take a look:
– New homes were at an 8 year low attributing for only 18% of all homes sold.
– The typical home was 1,800 square feet and built in 1991.
– 78% were detached single family homes.
– The median price in the south was $175,000
– Commuting costs factored in as important in 78% of decisions to buy.
– 47% were first time homebuyers
– The typical first time homebuyer was 30 yrs. old, repeat buyer was 48 yrs. old
– 21% were single females, 10% single males
– The primary reason for buying was desire to own a home.
– 92% were financed
Buying process
– More than 33% began the process online
– Over 90% used the internet in the process
– 81% used a Real Estate agent to aid in search
– The typical search lasted 12 weeks and they viewed 12 homes
– 50% of sellers traded up to a larger, more expensive home.
– 20% traded down to a smaller, less expensive home.
– 85% used a Real Estate agent.
– 11% sold to someone they knew before the sale.
Again, keep in mind these are national statistics and real estate is a local market so your particular situation may differ but these are good guidelines.


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