Saturday, November 20, 2010

2010 NAR Home Buyer and Home Seller Highlights

Recently released, the National Association of Realtors recently released a buyer and sellers survey.  NAR 2010 President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said the pattern of home buyers taking a long-term view has solidified over the past few years. “This underscores two simple facts—home ownership encourages stability, and the longer you own, the better your investment.”  Some highlights from this extensive survey include these interesting facts:

Sellers had been in previous home 8 years, up from 7 in 2009.

First time buyers say they intend to stay in their home for 10 years.

Repeat buyers say they intend to stay in their home 15 years.

(These first three stats indicate buyers are looking at homeownership as long term investment)

Even with recent declines, a seller who bought a median home 8 years ago has still gained 24% in equity.

A seller who bought a median home 11‐15 years ago have gained 40% in equity.

During the “boom” (2006), 30% of all homeowners had owned for 3 years or less. In 2010, its 11%.

The number of 1st time buyers has reached an all‐time high at 50% of all sales., up from 49% in 2009.

Previous to that, the high for 1st time buyers was 1991. (44%)

The median 1st time home buyer is 30 years old. 95% chose a fixed rate mortgage.

Since the 1990’s, 20% of home buyers are single women. Single men accounted for 12% in 2010, an all

time high. Married couples account for 58% of the market.

The typical repeat buyer is 49 years old.

Buyers typically looked at 12 homes over 12 weeks before buying.

Market time for homes purchased dropped from 10 weeks to 8 weeks.

89% of all buyers used the internet to search. 88% used real estate agents.

Of all repeat buyers, about half traded up to a larger home, a quarter traded down to a smaller home

and a quarter stayed about the same.

Most utilized real estate site;, followed by company websites (CB, ReMax, etc.), followed by

real estate websites (Zillow, Trulia, etc.)

For Sale By Owner's (FSBO’s)  not selling to a family member dropped to an all‐time low…just 5% of the market (1/2 of what it

was in 2004).

FSBO sellers have a median income of $64,000. Professionally assisted sellers $93,200.

FSBO sellers tend to be in rural areas, so their median price is just $140,000 vs. $190,000.

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