Who is Buying and Selling?

Survey

The big brother to the Canadian Real Estate Association, the National Association of Realtors in the U.S. released their 2009 survey ‘Profiles Home Buyers and Sellers’.

The survey is a compilation of approximately nine thousand responses returned by those who bought or sold a home between July 2008 and June 2009. The basis for the survey originates from deed transfers and other public records available south of the 49th.

The Numbers

• 47% of all buyers were first time buyers.
• 62% of first time buyers reported that the primary reason for buying a home was the desire to be a homeowner, 35% of all buyers reported that as the number 1 reason.
• The median age of all buyers was 39, same as last year.
• 83% of all first time buyers are under the age 44.
• 62% of all buyers are under age 44.
• 63% of all buyers had no children under the age of 18 residing at home.
• 90% of all buyers used the internet to search.
• 84% of buyers reported the photos to be the most useful information.
• The number one action taken after viewing a home online was to drive by or visit the home.
• 66% of buyers reported that they used a print ad to search, but only between 84% to 90% (depending on the print medium) reported that those sources were “not useful”.
• 36% of buyers found the home they purchased through an agent, 36% found the home they purchased online, less than 3%found the home they purchased in a print ad.
• 77% of buyers purchased their home with an agent.
• 85% of sellers sold their home with an agent.
• 87% of buyers viewed real estate as a good investment.

Change Confirmed Again

Viewing these results, from this perspective the most interesting aspect of the survey is the escalating degree to which people rely on the internet as their prime source of real estate information.

Wasted Trees

An astounding number – 84% to 90% of those reporting, said they found print advertisements “not useful” with less than 3% finding the home they purchased via a printed advertisement.

Looking to 2010

In that only 36% of the buyers find their home via an agent puts a challenge before all real estate agents including this one. The consumers are clear in their mandate – ‘we’ll do business with you, just help us achieve our goal – help us find the right home.’ Well that’s what I think you would say – right?

In keeping, I’m excited to be able to bring this to your computer and in person.

The first step in challenging that 36%. In the New Year YatterMatters’ will be launching a live listing feed. It is designed to be a free first step in simplifying your global search for residential properties for sale in the lower mainland. Combined with location maps and Google street view, I hope it will minimize the stress of your venture into home ownership.

If You Wish

I accept the fact that not everybody loves me. Nobody has figured out why but, it seems, it is just that way. While I will consider not having your love a new low for you, someone once told me it’s just life and we’ll both be OK.

The second step happens after you call and we have a brief coffee break meeting where you decide if I’m someone you want to work with. Thinking positive, if I am selected as your new favorite REALTOR®, we’ll proceed to the second part of step two. Drawing from our discussion, a distinctly more customized search providing very specific property information aimed at meeting your individual requirements will be arranged. The choice will always be yours.

*Hat tip – Jason Burkholder

**Note: 1 To my knowledge CREA doesn’t produce an equivalent Canadian survey.

***Note: 2 Specific responses to localized U.S. areas (ie: Northeast) have been removed from survey response for the purpose of this post.

****Selected Results Courtesy of the National Association of Realtors