NAR report highlights home buying and selling trends

Earlier this month, the National Association of Realtors® released their Profile of Home Buyers and Sellers for 2010. Each year, this report helps real estate professionals better understand their clients and provides insight into the ever-changing real estate market.

Here’s a look at some of the highlights from this year’s report:

• The number of first-time home buyers continued its upward trend this year. Of all buyers, 50% were first-time buyers in 2010, up from 36% in 2006.
• The home buyer tax credit was a major incentive to buy a home this year. Eight percent of all buyers cited the tax credit as their primary reason for purchasing a home, and 93% of first time buyers used the home buyer tax credit. In 2009, only 1% cited tax incentives as their primary motivation for purchasing a home.
• More buyers cited affordability as a reason for purchasing a home, up 5% from 2009. In tough economic times, it’s important to stress your commitment to getting the best deal for your buyers, so they know you won’t let the economy get in the way of their best interests.
• Sellers in 2010 were slightly older than in 2009, but nearly two-fifths were selling a home for the first time. Additionally, sellers this year said they most wanted agents to help price their home competitively. Whether working with buyers or sellers, stress your commitment to getting your clients the best deal possible.
• 38% of buyers found the home they purchased through an agent, up by 4% since 2008, while 37% said they found the home on the Internet.
• Fewer buyers this year purchased homes in foreclosure, although 57% said they had considered it.
• Buyers rated photos, detailed information about the property and virtual tours as the most useful web site features.
• Buyers identified honesty and trustworthiness as well as the agent’s reputation as the most important factors when choosing an agent.
• Eighty-eight percent of sellers used an agent or broker to sell their home, up from 79% in 2001. Only 9% of houses sold were FSBOs.

For the full report, visit Realtor.org.
By Felicite Fallon