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Internet & Agents First Stops for Home Buyers - Test PDF posting

Internet & Agents First Stops for Home Buyers - Test PDF posting

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Published by Ed Bisquera
Tacoma, Seattle social media instructor & internet marketing consultant company shares report

A 2009 report from the National Association of Realtors indicating Top Information Sources used by consumers during the home-purchase process. I think it reveals some numbers we're already aware of, but that nonetheless, can support the fact that mastering internet marketing and social media networking will be a skill not just real estate agents but all small and mid size businesses must either master or outsource out and hire professionals to help with. Enjoy and share these statistics!

Internet, Agents, First Stops for Home Buyers An overwhelming majority (87%) of recent home buyers in the US say they used the internet as an information resource during their home-buying process...

http://edbisquera.posterous.com/internet-and-agents-first-stops-for-home-buye
Tacoma, Seattle social media instructor & internet marketing consultant company shares report

A 2009 report from the National Association of Realtors indicating Top Information Sources used by consumers during the home-purchase process. I think it reveals some numbers we're already aware of, but that nonetheless, can support the fact that mastering internet marketing and social media networking will be a skill not just real estate agents but all small and mid size businesses must either master or outsource out and hire professionals to help with. Enjoy and share these statistics!

Internet, Agents, First Stops for Home Buyers An overwhelming majority (87%) of recent home buyers in the US say they used the internet as an information resource during their home-buying process...

http://edbisquera.posterous.com/internet-and-agents-first-stops-for-home-buye

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Published by: Ed Bisquera on Mar 12, 2010
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02/02/2013

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Internet, Agents, First Stops for Home Buyers

An overwhelming majority (87%) of recent home buyers in the US say they
used the internet as an information resource during their home-buying process,
and nearly one-third say they \ufb01rst learned about their newly purchased home
from an online channel, according to a study from the National Association of
Realtors (NAR).

When asked where they \ufb01rst learned about the home they purchased, 34% of buyers said a real- estate agent; 32% cited the internet; 15% said from yard signs; 7% said from a friend, neighbor or relative; 7% said home builders; 3% said from a print or newspaper ad; 2% learned directly from the seller; and 1% from a home book or magazine.

Though the internet was the most popular source, buyers also cited information from real-estate agents (85%), yard signs (62%), open houses (48%) and print or newspaper ads (47%). Fewer buyers relied on home books or magazines, home builders, television, billboards and relocation companies, the study said.

Courtesy of Ed Bisquera Social Media & Internet Marketing Consultant, Bond Social Media
http://SocialMediaNetworking101.com

When asked where they \ufb01rst learned about the home they purchased, 34% of buyers said a real- estate agent; 32% cited the internet; 15% said from yard signs; 7% said from a friend, neighbor or relative; 7% said home builders; 3% said from a print or newspaper ad; 2% learned directly from the seller; and 1% from a home book or magazine.

The NAR also found that 87% of home buyers used the internet to search for a home purchased
through a real estate agent, in contrast with 72% of non-internet users who were more likely to
purchase in a private transaction directly from a builder or from an owner they already knew.

Local metropolitan multiple-listing-service websites are the most popular internet information
resources, consulted by 60% of buyers, followed by Realtor.com (48%), real-estate company
sites (46%); real-estate agent websites (%); for-sale-by-owner sites (19%); and local newspaper
sites (11%).

Courtesy of Ed Bisquera Social Media & Internet Marketing Consultant, Bond Social Media
http://SocialMediaNetworking101.com
Other survey \ufb01ndings are detailed below.
First Time Home-Buyers Up Slightly
\ue000\u2022\ue000
First-time home buyers have risen in market share - to 41% of transations from 39% last
year - and plan to own their homes for 10 years, up from seven years in 2007.
\ue000\u2022\ue000
The median age of \ufb01rst-time buyers is 30, down from 31 in 2007, and the median income
was $60,600. The typical \ufb01rst-time buyer purchased a home costing $165,000.
\ue000\u2022\ue000
The typical repeat buyer is 47 years old, earned $88,200, purchased a home costing
$236,000 and has plans to stay in that home for 10 years.
Downpayments on the Rise
\ue000\u2022\ue000
The median downpayment by \ufb01rst-time buyers was four percent, up from two percent in
2007.
\ue000\u2022\ue000
The number of buyers purchasing with no money down fell from 45% in 2007 to 34% in
the current survey.
\ue000\u2022\ue000

Among \ufb01rst-time buyers who made a downpayment, 69% used savings and 26% received
a gift from a friend or relative, typically from their parents. Another seven percent
received a loan from a relative or friend, while 16% tapped into a 401(k) fund, stocks or
bonds.

\ue000\u2022\ue000
92% of buyers chose a \ufb01xed-rate mortgage.
\ue000\u2022\ue000
Repeat buyers made a median downpayment of 15% , but 10% paid cash for their
property.
Buyers and Sellers Use Agents
\ue000\u2022\ue000
81% of home buyers and 84% of sellers used a real-estate professional, comparable to
2007.
\ue000\u2022\ue000
Nearly nine out of 10 home buyers and sellers would de\ufb01nitely or probably use the same
agent again or recommend him or her to others, consistent with 2007 .
\ue000\u2022\ue000

38% of sellers found their agent as a result of a referral, while 26% used the agent in a previous home purchase. Similarly, 43% of buyers relied on referrals to \ufb01nd an agent, while 18% of repeat buyers used an agent from a previous transaction.

\ue000\u2022\ue000
Only one percent of sellers chose an agent based on his or her commission.
\ue000\u2022\ue000
46% report that the real estate agent initiated a discussion of compensation, while 24% of
sellers brought up the topic and the agent was willing to negotiate the commission or fee.
\ue000\u2022\ue000
13% percent of sellers did not know commissions and fees are negotiable.
\ue000\u2022\ue000

The level of \u2018for-sale-by-owner\u2019 transactions was 13%, up slightly from a record-low
market share of 12% in both 2007 and 2006. The level of homes sold without
professional representation has trended lower since reaching a cyclical peak of 18% in
1997.

\ue000\u2022\ue000

Factoring out properties that were never placed on the open market, the actual number of homes sold without professional assistance is seven percent. This matches the results in the 2007 study and marks a downtrend from 10% sold on the open market in 2004.

\ue000\u2022\ue000

The median home price for sellers who used an agent was $211,000 vs. $153,000 for a home sold directly by an owner, though unassisted sellers were more likely live in rural areas or small towns where sellers are more likely to know potential buyers.

\ue000\u2022\ue000

The most dif\ufb01cult tasks reported by unrepresented sellers are selling within the planned
length of time, getting the right price, preparing the home for sale, and understanding and
performing paperwork.

Courtesy of Ed Bisquera Social Media & Internet Marketing Consultant, Bond Social Media
http://SocialMediaNetworking101.com

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