Today, we’re sharing some interesting buyer facts that may prove useful to you if you’re considering buying or selling a home in the near future.
The recently released National Association of REALTORS® Real Estate in a Digital Age report showed that searching for homes online is the first step in purchasing for 40% of home buyers. Others, contacted a real estate professional, looked for information online about the buying process, talked with a friend/relative, contacted a mortgage banker, or conducted drive-by searches. 43% of home buyers found the home they purchased online, followed by 33% who found it through a real estate agent and 9% through a yard sign. 87%-88% used a Realtor to purchase a home.
The typical home buyer is now a Millennial (age 25-35 years) and with that comes a larger emphasis on technology in buying trends. According to a recent study conducted by Redfin and Survey Monkey, 21% of respondents (home buyers) bought their home without seeing it in person. That’s 1 in 5 home buyers. 53% of these buyers paid $750,000 or more for their home. These results are a strong argument for the importance of quality photos and video tours for online listings.
Of the buyers who purchased a home without seeing it in person, the largest segment was Millennials at 30%. However, despite this action, which many would associate with risk, Millennials were the most likely to choose a home and neighborhood for its stability. According to this same survey, their priorities include schools and safety.
Previous studies have identified walkability as a growing importance among buyers, but only 11% of buyers in this survey identified that as a priority. The study also conflicts the stereotype that Millennials prefer urban properties with only about 13% of Millennials naming walkability as an important feature, as well as 12% citing access to public transportation.
Despite changes in technology and the way people buy homes, the reasons for buying haven’t really changed. 58% of home buyers said they purchased for “a sense of stability or permanence”, 44% for “a safe place to invest their money and wealth”, and 35% “to achieve the American Dream of homeownership”.
As always, if you have questions about buying or selling a home, just give us a call at 910-202-2546 or email us at [email protected]. We’re here to provide guidance and assistance at all stages of the buying and selling process.
Have a great week!