So I attended this terrific class this afternoon, courtesy of Coldwell Banker, going over the latest stats from NAR (National Assoc. of Realtors) and their 2007 “Profile of Home buyers and Sellers” . I wish I could say the stats were a surprise but frankly, they weren’t. We stay pretty well informed on trends in the real estate industry so little of this was a shock to me. It was very reassuring to see we are on the right tract where our marketing dollars are being spent and what forms of advertising work and what doesn’t. Here are a few stats that might interest you…..
These stats give us a pretty good snapshot of who is buying and selling real estate today:
Median age of first time home buyers: 31
Median age of sellers: 45
% of buyers who purchased their home through a real estate agent: 79% (YAY!)
% of buyers in 2007 who were first-time buyers: 39%
% of Listing Leads from referrals and repeat clients: 62% (WOW! Pays to stay in touch with past clients!)
% of buyers over the age of 55: 20%
First steps buyers take in finding info and properties during the home buying process:
Internet (For Sale) – 32%
Agent-20%
Internet (Buying Process, like obtaining a mortgage) – 12%
Friend/Relative – 9%
Open House – 7%
Mortgage Broker – 7%
Newspaper/Homes Magazines – 6%
Where did the buyer find the home they ACTUALLY purchased?
Agent – 34%
Internet – 29%
Yard Sign – 14%
Friend/Relative – 8%
Newspaper – 3%
Homes Magazine – 1%
*I find the stats about the homes magazines staggering, only because I know almost all agents, even top producers, spend an enormous amount of $$ to get in these magazines. *
Where buyers found their home they purchased in 1997 vs. 2007:
Real Estate Agent 1997 – 50% 2007 – 34%
Internet 1997 – 2% 2007 – 29%
Yard Sign/Open House 1997 – 17% 2007 – 14%
Print Newspaper 1997 – 8% 2007 – 3%
Home Magazine 1997 – 3% 2007 – 1%
I think these stats are pretty telling….things we have been saying for years…..people are using the Internet more and more and newspapers and magazines are on the way OUT! Not that they were very effective even 10 years ago! They are less and less effective as time goes on!
The point to all this is, EVOLVE OR GET LEFT BEHIND! The real estate practitioner who digs in their heels and says “This is the way I have done it for years and this is the way we will always do it” is doing their client a DISSERVICE! It is imperative you flex and bend and stay current with the latest trends! Knowledge is power folks! Embrace technology! The train is pulling out of the station! Are you going to jump on or stick your head in the sand and get left in the dust?
–Lisa
