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Real estate marketing statistics for 2011, shockingly different than 2010

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Realtor lockboxes at Biltmore Square in Phoenix, photo by Dru Bloomfield.

Real estate changes in a short period of time

In the J.D. Power and Associates 2011 Home Buyer/Seller Study released today, RE/MAX took the top spot with overall satisfaction in the buyer and seller category, with sellers’ satisfaction increasing from 2010 levels and buyers’ satisfaction decreasing.

In addition to studying consumer sentiment toward real estate brands and agents in general, J.D. Power analyzed some of the inner workings of real estate, finding that some major changes have taken place in just one year.

Realtors are hustling

In 2011, 60% of buyers and sellers were asked for a referral or recommendation by their real estate agent, up 28% from 2010. We are finding that the majority of agents are realizing that stamping “I’m never too busy for referrals” on a business card isn’t enough to win referrals, but actually asking for those referrals and recommendations face to face or digitally is the winning tactic.

Number of homes shown

Real estate professionals are learning to work in the lean housing environment, not only by actually asking for referrals but possibly communicating more effectively in a way that reduces the “lookie lou” effect common in real estate.

The average number of homes shown to buyers is nine as of 2011, nearly half of the 2010 average. The average number of showings also fell in 2011 to 8.6, down from 12.1 in 2010. It is possible that Realtors are coping more effectively with the struggling housing market and are better equipped to explain the realities of the market with buyers.

Reduced website use?

J.D. Power reports that only 58% of sellers indicate using a website listing to market their home in 2011, down from 82% in 2010. This is shocking. While the wording of the question is unclear and we cannot tell if this pertains to whether or not a homeowner places their own listing online or if it pertains to their agent publishing listings on any website, but any reduction of digital media is shocking as it has risen in prominence so quickly.

The scene is certainly changing. Realtors are doing more with less and most are actually asking for referrals. The report reveals that the real estate industry is hustling more in 2011 than in 2010.

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79 Comments

79 Comments

  1. MTemple

    July 29, 2011 at 1:26 pm

    The last statement would be shocking if it is true given the success of listing sites like Trulia and Zillow.

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Austin

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?

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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.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

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.

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aging housing inventory

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.

Click here to continue reading this story…

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Housing News

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.

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zillow move

zillow move

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

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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