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NAR's 2009 Profile of Home Buyers and Sellers Report Released

Last week, the National Association of Realtors (NAR) released its 2009 Profile of Home Buyers and Sellers, an annual survey about the home buying and selling process.  There were over 9,000 respondents from around the US. The report contains tons of detailed information on the demographics, behaviors, experience of consumers in the housing market and some very interesting FSBO data (116 pages worth!). Here are some highlights.  If you want more detail, it is definitely worth buying the report, Realtor member pricing is $25 or download for free. 

The number of first-time buyers increased sharply last year to 47% from 41%. 

 

90% of buyers used the Internet to search for homes, 76% did so frequently.  I don't think this surprises anyone. 

 Use of Internet to search for homes 2003-2009

Searching online was the very first step in the buying process for most buyers, even before contacting a real estate agent.  Interesting to look at how this breaks down by age. 

On average, buyers spent 2 weeks searching online before contacting an agent, big opopportunity here for agents to connect with buyers who haven't yet chosen representation.

length of search for buyers who used an agent

Most buyers (44%) found their agent through a referral from a friend or relative, but 10% of buyers found their agent online.

How buers found their real estate agent

Yes, the Internet was used more often as a source of information, but check out who is the most reliable as a 'very useful' source!

  "Honesty and trustworthiness" was the most important factor cited when choosing an agent.

 Most important factor when choosing an agent

This is just a small portion of the information that is available in this report.  I highly recommend spending some time downloading the report and go through it yourself.  You could come to interesting conclusions when making 2010 business decisions. 

 

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Comment balloon 4 commentsSara Bonert • December 01 2009 12:03PM

Comments

These are some great facts that every real estate professional should know. Thanks for sharing.

Posted by James K Barath, CMPS, FICO Pro, Certified Military Housing Specialist (Canopy Mortgage, LLC) over 10 years ago

Sara - I downloaded this report from NAR and have been meaning to read it.  Thank you for sharing.

Posted by Gail Robinson, CRS, GRI, e-PRO Fairfield County, CT (William Raveis Real Estate) over 10 years ago

For those with REALTOR designations ...

Did NAR disclose to you before you took the class that you would need to pay them every year to rent your designation? Did they disclose to you how much the annual renewal would be before you took the class? We are talking ethics here. 

Posted by Art Ramsey over 10 years ago

Sara, thanks for taking time to post this report! The use of the internet is so vital to the real estate industry it can't be ignored.  I've been hearing a lot about the "millennials" and how we need to know how to market them. I also just read an interesting article here on AR about using Twitter to advertise open-houses!

Posted by Ed Gillespie (WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850) over 10 years ago

Participate