2011 home buyer and home seller trends report
The 2011 National Association of Realtors® Profile of Home Buyers and Sellers surveyed 5,708 home buyers and sellers, discovering that the demographics among buyers and sellers have changed this year, both of which are older, have higher incomes and are more likely to be married. What has not changed much is the relationship between Realtor and consumer, with word of mouth referral still topping the ways home buyers and sellers initially connect with their agents.
Below is a list of links to all of the expanded stories on the NAR profile – we encourage you to browse the list and read the stories you might have missed or to learn more about how the trends in 2011 have shifted from past years.
Home buyer demographics
- Why the demographics of home buyers, types of homes being sold quickly shifted
- The average American home buyer has changed dramatically this year
- Home buyer profile reveals that the buyer pool lacks diversity
- Do more home buyers come from renting an apartment or owning a home?
- Top reasons cited for purchasing real estate
- Study reveals second home market is improving, what does the future hold?
- The changing home buyer in an unstable economy – 26 charts
Home buyer trends
- Home buyers in 2011 love suburban areas and single family homes
- Realtor study reveals why home buyers choose to buy in their neighborhood
- Home buyers paid more but got better deals and bigger homes in 2011
- Home buyers expect to live in a house longer, unwilling to compromise on purchase
- 33 charts revealing what impacted home buyer decisions in 2011
Home buying trends
- Use of the web as a starting point for home buying declined in 2011
- In 2011, home buyers spend 12 weeks searching and tour 12 homes
- Buyers that search for a home online are more likely to use an agent
- Nearly half of all buyers found the home they purchased via the web
- Were home buyers satisfied with the home buying process this year?
- 21 charts illustrate top trends in the home buying process in 2011
Consumers connecting with Realtors
- Percentage of home buyers using a Realtor at ten year high
- One third of all home buyers didn’t sign a disclosure agreement in 2011
- The top qualities home buyers say they want in their real estate agent
- Home buyers rank tech savviness as the least important characteristic in their agent
- Average home buyers find an agent by word of mouth, interviews only one agent
- 20 charts show how and why home buyers connect with real estate agents
Home finance trends
- Percentage of home buyers using mortgage financing is on the decline
- Where home buyers’ down payments come from, who sacrifices the most
- Fewer home buyers believe in their home purchase as a good investment
- 13 graphs charting home purchase finance trends in 2011
Home seller trends
- Home sellers in 2011 are older, richer and almost exclusively Caucasian
- Why home sellers sold in 2011, what they moved to and why
- Home owners are staying in their house longer before selling
- Home sellers stay close to home, move an average of 18 miles away
- Top home seller trends for 2011 – almost all consumers now enlist a Realtor
- Home sellers got a median 95 percent of their home’s listing price in 2011
- Home sellers report equity gains having dropped dramatically from 2010
- 36 charts outlining home seller trends in 2011 – sellers are older and richer, equity is down
Home selling trends
- Top 10 methods home sellers use to find an agent
- Almost all home sellers use the MLS and want an honest agent above all
- Home sellers’ satisfaction with their listing agent is up in 2011
- 2011 Home Seller Profile – 11 charts on seller trends
Austin tops the list of best places to buy a home
When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?
Looking at the bigger picture
(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).
That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).
They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.
“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
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