We’ve made it through the first 36-48” we received at Deep Creek Lake this weekend and now we’re bearing down for the next 12-20” coming tonight and tomorrow. Having been housebound for a day, I was able to catch up on some market tidbits and interesting facts recently released by The National Association of REALTORS® (NAR®).
NAR® has recently released a book that outlines the buying habits of the previous year, 2009. What we have believed over the past year is now official…90% of buyers use the internet to search for real estate. Although these statistics are geared toward a primary residence homebuyer rather than a second homebuyer, the tactics are still the same for any buyer. This information is helpful in ‘moving with the market’ and adapting your business plan to meet the wishes of your target market.
- 47% of recent homebuyers were first-time.
- 21% of recent homebuyers were single women.
- Typical homebuyer searched for 12 weeks and saw 12 homes before buying.
- Recent sellers sold their home for 95% of asking price and 60% had reduced the price at least once.
- 42% of recent sellers offered incentives in terms of warranties and closing help.
- Sources recent buyers used in home search: 90% internet, 87% agent, 59% yard sign.
- Most frequently used sources by buyers: 76% internet, 68% agent, 24% yard sign.
- “Most useful” information for buyers was found: 81% agent, 77% internet, 42% yard sign, 2% newspaper.
- Buyers found the home they purchased using: 36% agent, 36% internet, 12% yard sign, 2% newspaper.
- Website features buyers found “very useful”: 84% photos, 82% detailed information, 63% virtual tours, 46% agent contact information, 43% interactive maps, 40% neighborhood information.
- What buyers want most from real estate agents: 46% finding home, 16% negotiating terms, 13% negotiating price, 9% help with paperwork, 8% comps.
- What buyers considered benefits of using an agent: 63% understand process, 53% pointing out unnoticed features/faults, 42% negotiate terms, 41% improve knowledge of search area, 41% improved list of vendors, 20% expanded buyers search area, 18% narrowed buyers search area.
- Number of agents interviewed by buyer: 66% one, 19% two, 10% three.
- “Most important” factors for buyer agent selection: 98% honesty/integrity, 95% knowledge of purchase process, 93% responsiveness, 92% market knowledge, 84% negotiating skills, 83% people skills.
- Methods used to find agent: 40% referral, 24% used agent used previously, 5% met agent at an open house, 3% saw contact information on yard sign or open house sign, 1% calendar, magnet, etc.
- “Most important” factors for listing agent selection: 22% pricing help, 21% find a buyer, 19% marketing help, 19% selling home within specific timeframe, 10% find ways to fix-up home so it will sell for more.
- 85% of all FSBOs had an agent bring the buyer.
- FSBO vs Agent Assisted Sales Price: FSBO $172,000, Agent Assisted $215,000
- (Source: National Association of REALTORS®)
As always, feel free to contact me anytime concerning Deep Creek Lake or Garrett County real estate 301.616.5022. With the upcoming President’s Day holiday and the fresh powder, it’s the perfect opportunity to visit Deep Creek Lake, Maryland for a long weekend and take on Wisp Ski Resort’s 30+ trails.