The results of the National Association of Realtors 2011 Profile of Home Buyers and Sellers survey are out. And the survey says…
First-time home buyers make up 37% of all buyers which is down from the 2010 level of 50% which is no surprise. The tax credits of 2010 pushed first-time home buyers into the market. Since no tax credit programs were available in 2011, first-time home buyers have not felt the same sense of urgency to buy.
More than half of buyers considered purchasing but didn’t buy a foreclosure because:
- 29% couldn’t find a foreclosure that met their needs
- 15% due to poor condition of the house
- 15% due to the purchasing process was too difficult
Buyers searched a median of 12 weeks and visited 12 homes. Both figures remain unchanged from 2010. Buyers may have only visited 12 homes but based upon the Internet stats of my listings buyers view 100s of homes online and then narrow their list down.
Where did Buyers first learned about the home they purchased?
- 40% the Internet
- 35% real estate agent
- 11% yard sign or open house
- 6% friend, neighbor, or relative
- 5% home builders
- 2% print or newspaper
- <1% home book or magazine
If you are wanting to sell your home, don’t hire the Realtor who promises the most print. Instead hire the Spring Texas Realtor who knows how to market your home on the Internet. 20X more buyers find the home they purchased on the Internet than in the newspaper.
The survey respondents were on a national level and all real estate is local. What works to sell homes in Sand Diego CA may not be the best way to sell homes in Spring TX.
