Written by Leonard Steinberg - Chief Evangelist
Tom Ferry reminded us all that we in real estate are in the TRUST BUSINESS. Pretty much everything we do revolves around trust. And trust is often built from familiarity. I think that is very smart!
Here are some interesting stats about home buyers:
* 63% of home buyers are above the age of 39 years old.
* 21% are above the age of 64 years old.
*Over 94% of all homebuyers speak English as their primary language at home.
* Around 12% of buyers aged 29-53 years old were not born in the USA.
* At least 50% of homebuyers 39 years and older have owned a home prior to buying a new home.
* The largest percentage of homebuyers seeking a smaller home is above the age of 54 years old.
* Only around 2% of homeowners wished they had waited before buying a home.
* 86% of buyers buy existing homes, while 14% buy brand new homes.
* Over 50% of those aged 39 and under want a brand new home to avoid renovation, maintenance, and repairs.
* 38% of all buyers feel the same way.
* 82% of buyers buy a single-family, detached home.
* The average distance between a home purchased and the prior home is 15 miles. Above 64 years old it doubles, swaying averages. Under the age of 53, its under 11 miles.
* 58% of buyers said the neighborhood was their primary choice driver, followed by convenience to job sites, affordability, and convenience to friends and family.
* Just 5% mentioned public transportation.The largest percentage of homebuyers buying a home above $500k were aged between 29-53 years old.
* 68% of homebuyers bought a house 2,500sf or smaller. 18% bought homes larger than 3,000sf.
* 66% of the homes bought were older than 17 years.
* 22% of homebuyers compromised on the price and 20% compromised on the condition. 34% made NO compromises!
* Homebuyers aged 54-72 years old expect to stay in their homes for at least 20 years.
* 86% of buyers rely on an agent for information about their home search and 93% relied on online information.
* The average buyer spent 10 weeks searching and viewed 10 properties.
* The paperwork and understanding the process accounted for 36% of the most difficult buying steps.
* 87% of buyers rated photos as the most useful and valuable website feature.
* At least 60% of buyers were very satisfied with the home buying process.
* 87% of homebuyers used an agent/broker to buy.
* Buyers want the following mostly from agents: help finding the right home, negotiating terms and price.