Housing News
Use of the web as a starting point for home buying declined in 2011
The home buying process
It has become common knowledge that almost all real estate searches begin online, but it isn’t always the same paths consumers take when they start hunting. According to the 2011 National Association of Realtors® Profile of Home Buyers and Sellers which surveyed 5,708 home buyers and sellers, the use of Internet as the starting point for the home buying process declined slightly to 88 percent from 90 percent in the last two years, attributed in part to the rise of repeat buyers and the changing buyer demographic comprised of more stable, older buyers.
Where do consumers start? The study notes that the first step 35 percent of buyers is to start looking for properties online while ten percent begin their search by looking for information about the home buying process and 21 percent started their search by talking to an agent.
Repeat buyers were more likely than first-time buyers to look online for properties for sale and drive by homes and neighborhoods as the first step in the home buying process. First time home buyers were more likely to look online for information about the home buying process and talk with friends about the process. The study reveals that repeat buyers look for validation from peers less than first time buyers and that repeat buyers are more likely to get in the car and survey the neighborhood and properties themselves.
Younger buyers aged 25 to 44 were most likely to look online for properties for sale while buyers over 65 and older were most likely to contact a real estate agent as their first step.
The drop in web use, albeit slightly, may come as a shock to the social media gurus, but it makes perfect sense as not only are most of these trends are in line with past years, but lean toward a less tech savvy buyer as it was revealed that in the last year, a dramatic shift in buyer demographics has taken place with first time buyers accounting for half of all buyers last year, now only accounting for a third as Realtors continue to cite difficulties in getting loans closed, leaving stable, higher income, typically older and married couples as the average, (less tech proficient) buyer.
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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.
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.
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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.
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.
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