Knowing the stats and using them are crucial for a multitude of reasons.
Market stats help you to know what is going on in the specific areas you work, but stats on consumers help you know who you are working with, what they need and how you can provide the best service to your clients creating value and ensuring clients for life and referrals.
Here are just a few stats from NAR and how you can use them to you and your client’s advantage…
34% of home buyers were purchasing their first home & the typical first time home buyer was 33 years old.
- With approx 1/3rd of buyers being first time & millennials it’s important to mirror and match to gain that business. Think like a millennial (social media, texting, etc is key!).
- 1/3rd of home buyers have never owned a home before – they need guidance in what issues to avoid when looking at a house, what isn’t as scary as it sounds and what resources to turn to when there is no longer a landlord (or a parent) to fix things around the home.
11% of home buyers purchased a multi-generational home.
- Know what factors make homes useful to those needing multi-generational living – daylight basement, additional private entrance, large lot with space for ADU, kitchenettes,etc.
- Use the above to get creative for buyers and in the listing marketing with sellers.
14% of home buyers were veterans, 3% were active-duty service members.
- Know what loan programs are available (VA!) and what the means in terms of down payment, appraisal time, closing costs and allowables.
36% of home buyers were looking to avoid renovations
- Get clarity from your buyers what “fixer” means to them. Over 1/3rd want to avoid renovations. Is that carpet and paint or moving walls and building additional square footage? Get clarity from your clients to know what they are comfortable with.
38% of repeat buyers were looking to buy a home with more value.
- Value is different for everyone. What value are your clients after? What is important to them and how can you best help them achieve their perceived “value” in a new home?
Convenience to family & friends as well as quality of neighborhood were the top 2 factors when buyers considered areas. Moving closer to family & friends was the reason for selling in 18% of sellers.
- Working from home played a huge role in the above stat as job convenience is not longer what is most important in home location. Ask questions that pertain to family, friends, activities, etc to determine location options instead.
52% of home buyers said finding the right home was what they wanted from their agent.
- We know how easy it is for buyers to find homes online, and how much buyers search online – but they STILL want us as agents to find them homes – so don’t just set up an auto search and forget about it – work hard to find them a house that fits their needs.
73% of buyers and 82% of sellers interviewed only 1 agent to work with.
- Get out there and get in front of people – a high percentage will work with you if you just get in front of them.
11% of sellers did not list in the MLS.
- Are you searching outside the MLS for buyers who are having a hard time finding or securing a home? There’s more out there then meets the eye…or the MLS that is…
These stats and more can be found through NAR, click here to see them all!
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