News: By Far, THE BEST Annual REALTOR Resource
Nov 19, 2020
It's FINALLY here! Every year in the month of November, the National Association of REALTORS® (NAR) releases its annual report detailing the profile of the most recent year's home buyers and sellers. In all honesty, as a real estate professional, this is one of the most coveted documents that's provided to us every year that I absolutely look forward to getting. Any person or company that is currently in business should know who their clients are, what their clients' habits are, and how they can better accommodate their business and services to fit the needs of their customers.
This is why each year, I comb through the content of the Profile of Home Buyers and Sellers to get a grasp on the trends of our industry from a National perspective and use that information to better understand how you the client looks at, engages in, and feels about the process of buying and selling real estate. I even have a page on my website that is dedicated specifically for sellers to understand the habits and thought process of TODAY's buyers in the market.
As a bit of a real estate nerd, it's like Christmas every November because I get to apply a data and analytical side of the business to my day by breaking down what's most important to YOU the consumer. As an example, one of the valuable tidbits of information is what sources of information buyers find to be useful for their home search. As an agent, it's important to know where buyers are going to look for homes and what they lean on as a reliable resource in order to stay in front of them and to meet them in that "space of comfort". Let's look at the data and how the habits of home buyers have changed over the last twenty years:
As the chart shows, the usefulness of the internet has completely exploded for the real estate industry as it has for most industries around the world. In this case, we went from under 10% of buyers finding their home online, to consistently about five times that amount over the last five years. This also tells us that if we have your family's home for sale, it's practically useless to advertise your home on a lot of medians such as newspapers and home magazines.
One last gem of a real estate secret before closing things out. I often find it very interesting to look at the number of first time home buyers compared to the number of recent buyers who sold a home. The numbers are getting even more favorable for people who have already owned a home in the past for a number of different reasons! If I'm representing a client who is selling a home, this is one of the things that would interest me most because of the ease of finding someone who already owns a home compared to a first-time homebuyer. Last year, the 2019 homebuyer was comprised of 66% homeowners looking to move compared to 33% first time home buyers. Here's how this year's numbers stack up:
If you're a bit of a nerd and you want more information on the 2020 Profile of Home Buyers and Sellers or if you want a customized plan fitted to your needs as a buyer or seller, feel free to text or call me at (225) 330-7059 or email me directly at Rinaldi@225avenues.com!
This is why each year, I comb through the content of the Profile of Home Buyers and Sellers to get a grasp on the trends of our industry from a National perspective and use that information to better understand how you the client looks at, engages in, and feels about the process of buying and selling real estate. I even have a page on my website that is dedicated specifically for sellers to understand the habits and thought process of TODAY's buyers in the market.
As a bit of a real estate nerd, it's like Christmas every November because I get to apply a data and analytical side of the business to my day by breaking down what's most important to YOU the consumer. As an example, one of the valuable tidbits of information is what sources of information buyers find to be useful for their home search. As an agent, it's important to know where buyers are going to look for homes and what they lean on as a reliable resource in order to stay in front of them and to meet them in that "space of comfort". Let's look at the data and how the habits of home buyers have changed over the last twenty years:
As the chart shows, the usefulness of the internet has completely exploded for the real estate industry as it has for most industries around the world. In this case, we went from under 10% of buyers finding their home online, to consistently about five times that amount over the last five years. This also tells us that if we have your family's home for sale, it's practically useless to advertise your home on a lot of medians such as newspapers and home magazines.
One last gem of a real estate secret before closing things out. I often find it very interesting to look at the number of first time home buyers compared to the number of recent buyers who sold a home. The numbers are getting even more favorable for people who have already owned a home in the past for a number of different reasons! If I'm representing a client who is selling a home, this is one of the things that would interest me most because of the ease of finding someone who already owns a home compared to a first-time homebuyer. Last year, the 2019 homebuyer was comprised of 66% homeowners looking to move compared to 33% first time home buyers. Here's how this year's numbers stack up:
If you're a bit of a nerd and you want more information on the 2020 Profile of Home Buyers and Sellers or if you want a customized plan fitted to your needs as a buyer or seller, feel free to text or call me at (225) 330-7059 or email me directly at Rinaldi@225avenues.com!