The National
Association of Realtors (NAR) 2012 Profile of Home Buyers & Sellers Report reveals some
suprising trends about those people who purchased or sold a home during the
course of the year 2012. The excellent infographic below was also created by
NAR to summarize some of the report's more telling findings. There are at least
three significant take-aways that real estate agents can utilize from this
information:
1. First-Time Home Buyers Purchased 39% of Homes
Despite the
perception that increased home sales statistics have been dominated largly by
cash purchases made by investors in the wake of the financial crisis, first-time
home buyers suprisingly represented the largest demographic of purchasers in the
report. Realtors can no longer afford to avoid such a substantial segment of
the market simply because first-time buyers require more attention, time and
counseling.
Agents should
consider directing their marketing efforts towards those just entering the
housing market. Realtors must also be familiar with the various types of
first-time buyer financing options available and be sure to get potential
clients pre-qualified before a significant investment of time and effort is
made.
2. Realtors Get Business By Referral
3. 89% of Buyers used a Realtor to Buy a Home
This now staggering figure has increased dramatically from just 69% in 2001. Never has it been more important for sellers to list their homes for sale with a Realtor in a mulitple listing service. If agents don't know a property is for sale, sellers are missing out on 9 out of 10 potential buyers actively looking to purchase a home. Real estate agents and associations must continue to get this message out to "for sale by owners" (FSBOs) and the general public.
