NAR survey reveals interesting Buyer behaviour and expectations in today's real estate market
Who are today are buyers and Sellers? This question and more are answered in this recently released "Profile of Home Buyers and Sellers" by The National Association of Realtors.
This article focuses on aspects of home buying and buyer behaviour and expectations that should be of interest to home Buyers, REALTORS® and Sellers.
Here are results of the survey based on some of the questions asked:
- 1. The top 5 information sources used by buyers in their home search are: Real Estate Agent 85% (up from previous profiles), the Internet 80%, Yard sign 63%, Newspaper 55%, and Open House 47%.
- 2. The median number of weeks devoted to searching for a home--8 weeks; and the median number of homes seen-9 homes.
- 3. The top 3 methods of purchasing a home are: Agent/Broker-81%, Direct from Builder-10%, Direct from previous owner whom buyer didn't know-5%.
The top 3 responses on expectations of the repeat buyer regarding their real estate representative:
- 1. First, buyers want agents to help find the right house to purchase.
- 2. Next, buyers want agents to help with price negotiations.
- 3. Help with paperwork was the third most cited buyer concern and expectation from their agent.
What else does the repeat buyer want from their real estate representative?
- 1. To tell them what comparable homes are selling for,
- 2. Help in determining how much they can offer,
- 3. Help finding and arranging mortgage financing.