Statistics About Home Buyers, Sellers, Blog Readers and Bloggers

For those of you who are more left-brained than right-brained, here are some statistics about home buyers, home sellers, bloggers and those who read blogs (right-brained translation at the end):

Sellers:

• 83% of sellers use a full-service brokerage, 9% limited services and 8% minimal service (put a listing on an MLS)
• 71% of sellers who used a full-service brokerage were very satisfied, 24% somewhat satisfied and 5% unsatisfied
• 76% of sellers who used a limited services brokerage were very or somewhat satisfied and 24% were dissatisfied

For Sale By Owner (FSBO):

• FSBO transactions comprised 12% of market share in 2006 (record low). The peak market share was 18% in 1997
• A higher share of FSBO properties (40%) were not placed on the open market and were "closely held" between two parties who knew each other in advance (family or acquaintances). This figure is up from 32% in 2004 and 39% in 2005

Buyers:

• 85% of home buyers used a real estate agent to search for a home and 80% used the Internet (up from 77% in 2005)
• 22% used the Internet to get neighborhood information
• When asked where they first learned about the home the purchased: 36% identified a real estate agent, 24% the Internet, 15% from yard signs, 8% from a friend, neighbor or relative, 8% home builder, 5 percent from print media, 3% directly from seller and 1% home book or magazine
• 81% of home buyers who used the Internet to search for a home purchased through a real estate agent
• 63% of non-Internet users were more likely to purchase directly from a builder
• 61% of buyers are married couples, a record 22% are single women, 9% single men, 7% unmarried couples and 1% other
• 75% purchased a single family home, 9% a townhouse or rowhouse, 11% a condo and 5% other
• 78% of homes purchased in 2006 were an existing home, 22% new
• Of first time home buyers who made a down payment, 22% received a gift from a friend of relative, usually their parents
• 45% of first time home buyers purchased with no money down
• Buyers told the NAR that the two features they look for in a real estate web site are photos and property information
• 77% found the property information useful and 47% found virtual tours to be useful
• 72% actually drove by or looked at a home they found online and 46% walked through the home

General:

• The number one way people found an agent was through word of mouth though 18% found an agent online
• In more Internet-savvy areas such as California, 92% of Internet buyers found their agent on a Web site and 63% found them through an Internet search engine
• Internet marketing ROI is doubling every two years
• Print media ROI has been decreasing steadily since 2002

Blog Readers and Bloggers:

• 76% of US internet users earning over $150,000 per year read blogs, up from 57% 2 years ago
• 24% of blog readers are bloggers themselves
• 25% of general internet users read blogs
• 9% of general internet users write blogs
• 68% of real estate agents said that a real estate blog was a main focus as a marketing tool in 2007

Translation/meaning of the stats above:

• Buyers - Save time, energy and money by using the latest resources available to you, especially the Internet
• Sellers - Use the Internet to gain the most exposure possible for your property; don't let Internet buyers searching for a home pass your home by; if using an agent, find one that truly understands and harnesses the power of the Internet as a marketing tool
• Agents - Focus on Internet marketing and a hyper-local real estate blog; cut marketing dollars from mass media and put it into Internet marketing and other tools with a higher ROI; work on Search Engine Optimization (SEO) for your site and/or blog; start taking more and higher quality pictures and virtual tours (as well as video tours) to post online; provide customer service/satisfaction better than just 71% or 76%; don't ever forget how important referrals are.

Sources: Luxury Institute Survey, Pew Institute and American Life Project, NAR Profile of Home Buyers and Sellers, RISMedia, MarketWatch

Comments

[Alan Daniels]

This is a great collection of stats. It is interesting to see the record low with FSBOs now that Realtors are needed now more than ever.

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