First step was....as expected....searching on the internet for prospective homes. Use of the internet rose to 92%.
88% of buyers used a Realtor to help them, back in 2001 it was only 69%. Think buyers are getting smarter. 42 % said they found their agent by a friends referral or family. Surprisingly only 12% used an agent they worked with in the past. Bad agents or fickle buyers?
Most buyers searched for about 3 months and looked at about 10 homes. 38% were first time buyers. Seemed like more on both of these stats for my clients!
On the seller side ~ typical sellers stayed in their homes for 9 years. Most sold for 97% of list price and about half said they had to reduce their price at least once.
85% of sellers said their home was in the MLS, 3% more than that said they were represented by a Realtor. Of the FSBO's, 40% said they knew the buyer before they decided to sell.
A small 13% said they delayed selling due to the value of their home vs. mortgage balance. We all can relate to that.
Small portion of brand new homes were sold.....16%.
Typical buyer age? 42. Typical first time home buyer age? 31. Fifty-Two was the average age for repeat buyers. Yep, that all seems right on.
Most buyers utilized financing, typically 90%, with 10% down.
I found a few interesting, many very atypical due to market conditions. But, I presumed some of you would find the results worth reading.