NAR Buyers Poll Statistics
John goes over the details of a poll the NAR conducted with buyers across the nation.
JOHN: Hey, guys. John Jones here with another edition of Tuesday Morning Coffee. As I speak to you today, NAR (National Association of Realtors) have just wound down their big annual conference in Anaheim. Every year, an interesting report comes out of that conference. It’s a survey that NAR does on homebuyers and home sellers for that previous 12 months.
They survey over 5,000 people all across the nation. I wanted to share with you a few interesting facts from that survey. Seventy percent of the buyers surveyed this past year still think real estate is a good investment. Forty-five percent of those buyers think that real estate is a better investment than stocks. The median buyer this past year was 31 years of age and had a median income of $62,400, which is up slightly from 2010.
Buyers search on the median of 12 weeks, and they visit 12 homes during the process. More than half the buyers that were surveyed did consider buying a foreclosure but did not for some reason. Twenty-nine percent cited they just could not find the right home that worked for them. And 15% of those polled cited poor condition of the home or the difficult process. To find a home, 88% of buyers used the Internet during their process. Eighty-seven percent use real estate agents.
Fifty-five percent still drove through neighborhoods and looked for yard signs. Forty-five percent of those polled did visit open houses, and 30% said they did look through newspaper ads. For sale by owners accounted for 10% of all homes sold last year, according to this survey. That’s up 1 percentage point over 2010, which was a record low of 9%. I thought this was interesting. When asked where they first learned about the home they ended up purchasing, 40% said the Internet; 35% said from their realtor; 11% said from a yard sign; 6% from a friend or family member; 2% came from the newspaper; and 1% came from a monthly home magazine.
I hope these facts were as interesting to you as they were to me. If we can help you with any of your real estate needs, please give us a call at John Jones Real Estate, 867-3020. Thank you.