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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®



 
 		  

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For the Broker: The Listing Presentation
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Listing Facts in an Instant

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Countering Objections
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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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