The National Association of Realtors (NAR) put together a savvy and informative profile of the 2014 home buyer. The data used to create the profile was collected from NAR’s annual survey of recent home buyers. These statistics provide valuable insight regarding one of life’s most important purchases, and the people making it!
Home buyers are online.
In fact, 92% of home buyers are using the internet in some aspect as they search for a home to purchase; 50% of buyers are using mobile devices and apps to conduct online home searches.
For 43% of home buyers, the first step in their home buying process was a session of online searches for properties. And 12% of home buyers are using the internet to become more educated about the home buying process. Even with the 24/7 availability of information regarding homes for sale via the internet, over 50% of current home buyers did report that finding the right home was the most difficult part of the home buying process. On average, home buyers searched for 10 weeks, viewing approximately a home a week, during their search.
The 2014 home buyer finds value in working with a real estate broker. 98% of buyers who used a real estate broker while searching for a home found them to be a fount of knowledge.
88% of buyers used a real estate broker to purchase their homes.
How did buyers locate the brokers they worked with? 40% found their realtors® through a referral from family or friends; 12% were repeat clients. Interestingly, a majority of buyers had a good idea of the professional they wanted to work as they searched for home; 66% of buyers interviewed only one broker before deciding on who to work with. And buyers have been happy with their decision– 88% of buyers surveyed would use their realtors® again, plus 63% of these buyers have already recommended their brokers to other buyers within the past year.
The handy infographic below delivers a snapshot of the 2014 home buyer. These characteristics tell a little bit of a buyer’s story, based on if the buyer is entering the market for the 1st time or is a repeat home buyer.
Buyers and real estate professionals, now it is your turn. Do you find the statistics reported in this year’s NAR Buyer Profile to be accurate? Share your opinion in the comment section below.