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A brief look at highlights from the 2011 NAR Profile of Home Buyers and Sellers, Jessica Lautz, NAR Midyear Meeting
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Profile of Home Buyers and Sellers
Jessica LautzMay 17, 2012
Home Buyers
Demographics Have Changed
2011 Profile 2010 Profile
Median Age 45 39
Gross HH Income $80,900 $72,200
Household Composition 64% married couples, 18% single females, 10% single males, 7% unmarried couples
58% married couples, 20% single females, 12% single males, 8% unmarried couples
Children in Home 36% 35%
Own a 2nd Home 19% 14%
Why do buyers want to own today?
All Buyers
First-time Buyers
Repeat Buyers
Desire to own a home of my own 27% 60% 8%
Desire for larger home 10 2 15
Job-related relocation or move 10 3 13
Change in family situation 8 7 8
Affordability of homes 8 11 6
Desire to be closer to family/friends/relatives 7 1 10
Desire for a home in a better area 5 1 7
Retirement 5 1 7
Expected Tenure in Home
2006 2007 2008 2009 2010 20110
2
4
6
8
10
12
14
16
First-time Buyers Repeat Buyers
The Search Process
Use of Information SourcesInternet
Real estate agent
Yard sign
Open house
Print newspaper advertisementHome book or
magazine
Home builder
Relocation company
Television
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
75
68
20
13
7
4
7
1
1
13
19
35
32
23
14
10
2
3
12
13
45
55
70
81
84
96
96
Frequently Occasionally Rarely or not at all
Length of the Search Process
Number of Weeks Searched
2001 2003 2004 2005 2006 2007 2008 2009 2010 20110
2
4
6
8
10
12
7
8 8.29 8 8 8
10
12 12 12
Satisfaction With Buying Process
Very Satis-fied57%
Somewhat Satisfied
32%
Somewhat Dissatisfied8%
Very Dissatisfied2%
Method of Home Purchase
All BuyersNortheas
t Midwest South WestThrough a real estate agent or broker 89% 88% 90% 86% 93%Directly from builder or builder's agent 7 6 5 9 5
Directly from the previous owner 4 6 5 4 2 Knew previous owner 2 4 2 2 1 Did not know previous owner 2 2 3 2 1
Referrals Matter
• 50% used an agent that was referred to them or they had worked with before
• 89% would refer their agent or work with them again
• 65% of home buyers contacted only 1 agent during their search process
Home Sellers
Typical seller:• 53-years-old• $101,200• 77% married• 13% single females• 6% single males• 3% unmarried
couples• Typically lived in
their home for 9 years
Who is selling today?
Why are sellers moving?
• Job relocation• Home is too small• Want to move closer to
friends or family• Neighborhood has become
less desirable• Change in family situation
(e.g., marriage, birth of a child, divorce)
Satisfaction With Selling Process
Very Satisfied; 54
Somewhat Satis-fied; 31
Somewhat Dissat-isfied; 10
Very Dissatisfied; 5
Method Used to Sell Home, 1991-2011
1991
1993
1995
1997
1999
2001
2003
2004
2005
2006
2007
2008
2009
2010
2011
0
10
20
30
40
50
60
70
80
90
100
19 17 15 18 16 13 14 14 13 12 12 13 11 9 10
77 82 81 80 77 79 83 82 85 84 85 84 85 88 87
4 1 4 4 7 8 4 4 2 3 3 3 4 3 3
All FSBO (For-sale-by-owner) Agent-assisted Other
Method to Market HomeAll Homes
Listing on the Internet 92% Other Web sites with real estate listings (e.g. Yahoo, Google, etc. 27 Social networking Web sites (e.g. Twitter, FaceBook, etc.) 5 Video hosting Web sites (e.g., YouTube, etc.) 3Yard sign 77Open house 58Print newspaper advertisement 31Real estate magazine 25Direct mail (flyers, postcards, etc.) 18Video 14Television 3
Referrals Matter
• 61% used an agent that was referred to them or they had worked with before
• 85% would refer their agent or work with them again
• 66% of home sellers contacted only 1 agent during their search process
Preview of the 2012 Member
Profile
Years of Experience of Members
2012
Sur
vey
2011
Sur
vey
Broke
r-Owne
r (with
out s
elling
)
Broke
r-Owne
r (with
sell
ing)
Assoc
iate
Broke
r
Man
ager
(with
out s
elling
)
Man
ager
(with
sell
ling)
Sales
Agent
Appra
iser
0
5
10
15
20
25
1112
25
20
14
18
15
9
24
Evolving Communication Methods with Clients
Current clients/ customers
Past clients/ customers
Potential clients/ customers
E-mail 93% 67% 65%Telephone 89 58 59Text messaging 66 29 26Postal mail 28 42 38Instant messaging (IM) 21 8 8Blog 4 5 8Podcast 1 1 2
Median Age of Members is Rising
1999 2001 2003 2005 2007 2008 2009 2010 2011 201248
49
50
51
52
53
54
55
56
57
52 52
51
52
51
52
54 54
56 56