I also just downloaded this NAR Report on my iPad so I would always have a copy of the report with me. The twelve homes in twelve weeks stat was the one that caught my eye the most. And the fact that almost all sales are used with an agent is notable.
In this new landscape of real estate online, everyone seems to be asking about what buyers and sellers are actually doing in the real estate market place. The 2011 National Association of Realtors (NAR) Profile of Home Buyers and Sellers is a resourceful guide when looking for trends in home buyer and seller preferences and behavior. Here are some interesting results which stood out for me about buyers and sellers.
- The median downpayment for all buyers was 11 percent. The range was 5% down for lst time home buyers with a range of up to 15% for repeat buyers.
- Buyers searched a median of 12 weeks and looked at 12 homes. This was the same as in 2010.
- Forty (40%) of buyers said they first learned about the home they purchased on the internet.
- Ninety-one (91%) of the buyers who used the internet to search for a home, then purchased through a real estate agent.
- Neighborhood quality was the biggest factor in selecting a neighborhood followed by affordability of the home.
- The typical home purchased had 3 bedrooms and 2 bathrooms.
- More than half the buyers considered a foreclosure, but in the end did not buy one.
I was surprised by the 11 percent median downpayment. The vast amount of information on the internet now makes it possible for buyers to research not only homes but neighborhoods. This information is helpful for sellers to understand why buyers do what they do next.
The report cost NAR members $19.95 and $149.95 for non-members. A summary of survey highlights is available through the National Association of Realtors site here.
Do you love Santa Fe? Are you thinking about relocating here? Are you wondering if the Santa Fe housing market has stabilized? Check out this link for Santa Fe home prices and updates for trends in your neighborhood. Or search all Santa Fe listings here. Follow me on Twitter or experience Santa Fe in real time by visiting BreakingSantaFeNews now. In between real estate, I write a monthly column on Social Networking in the HOME magazine, published by the Santa Fe New Mexican. Whatever you do next in this new landscape of real estate, start with the right Realtors. No one has time or money to waste today. Remember, dreams can be made a reality when you act on them.
Today, I work as a team with Ulla Allyn. Together we represent buyers and sellers in all prices in New Mexico. All Listings on this site are represented by both of us. Our mission is to save you time and money whether you are buying or selling Santa Fe real esate.
[Disclaimer Notice: If this post includes a listing, the listing information is deemed reliable from the Santa Fe Association of Realtors as of the date it is written. After that date, the listing may be sold, listed by another brokerage, cancelled, pending or taken off the market or the price could be changed without notice. All opinions expressed are soley those of the author and not Active Rain or Santa Fe Properties, Inc. unless otherwise specified.]