REALTOR® Magazine Online: Listing Facts in an Instant (Part 2)

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LISTING FACTS IN AN INSTANT (Part 2)

Who's buying homes today?

In 2003, the typical homebuyer was 40 years old, married, and living in a two-income earner household with a combined income of $66,300.

The most important reason for purchasing a first home was the “desire to own a home,” followed by a desire for more space and the move being necessary as part of a corporate relocation. The most important reason for purchasing a home for repeat buyers was the "desire for more space/larger home."

Source: The 2003 NATIONAL ASSOCIATION OF REALTORS^® Profile of Home Buyers and Sellers

What are they buying?

The typical homebuyer in 2003 purchased a previously owned, detached, single-family home that was 1,830 square feet in size for $164,500.

Homebuyers were more likely to purchase newly constructed homes in 2003 than in previous years. Twenty-eight percent of all homes purchased in 2003 were newly constructed ones, compared to 21 percent in 2001. Buyers in the South were the most inclined to purchase a new home (34 percent); buyers in the Northeast were the least likely (15 percent).

Source: The 2003 NATIONAL ASSOCIATION OF REALTORS^® Profile of Home Buyers and Sellers

Where do buyers today look for information on homes for sale?

Homebuyers typically consult a variety of information sources when it comes to finding their perfect home. But more than any other source, buyers say they rely on real estate professionals for information. Here's a breakdown of information buyers used in their home searches in 2002:

Real estate agent		86%
Yard sign		69
Internet		65
Newspaper advertisement		49
Open house		48
Builder		37
Home book or magazine		35
Television		22
Relocation company		14

Source: The 2003 NATIONAL ASSOCIATION OF REALTORS^® Profile of Home Buyers and Sellers

Why work with a real estate professional?

In 2003, roughly 75 percent of all buyers used a real estate agent and/or broker to complete their transaction.

Almost half (47 percent) of buyers indicated that the most important criterion in their choice of an agent was the agent's reputation.

Among homebuyers who used an agent to purchase a home, 93 percent indicated that they considered an agent's knowledge of the purchase process to be a very important skill.

Source: The 2003 NATIONAL ASSOCIATION OF REALTORS^® Profile of Home Buyers and Sellers

Why advertise your home on the Internet?

2003 marks the first year on record where more than half of all homebuyers used the Internet to search for homes.

Buyers who used the Internet to search for homes were generally younger and earned more money than their non-Internet counterparts.

The typical Internet-searching homebuyer was married and 38 years old with a household income of $70,700. In comparison, the typical non-Internet-searching buyer was married and 47 years old with a household income of $56,300.

Nearly 90 percent of Internet searchers also used an agent, compared to 79 percent of non-Internet users.

In 2003, 78 percent of buyers who searched for homes online purchased their home through a real estate professional.

Source: The 2003 NATIONAL ASSOCIATION OF REALTORS^® Profile of Home Buyers and Sellers.

How long will it take to sell my house?

The time it takes to sell a home is related to the strength of the local housing market. Nationally, in 2003, half of all homes sold within one month, and two-thirds sold within two months. Seventeen percent of homes took longer than four months to sell.

Source: The 2003 NATIONAL ASSOCIATION OF REALTORS^® Profile of Home Buyers and Sellers.

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