real trends for today
Volume XI  Issue 2                                           2nd Quarter 2003             


Beth Pressler  CRS   GRI  LTG

Higbie Maxon Agney, Inc. REALTORS®
83 kercheval
grosse pointe farms, mi 48236

Toll Free 1.888.886.4060

2002 Profile of Buyers & Sellers

The National Association of REALTORS® (NAR) has completed the 2002 Profile of Buyers and Sellers. “Healthy consumer spending propelled the housing market to record levels...6.2 million total single-family homes sales in 2001—an increase of 69 percent over ten years. Despite strong home price appreciation, the favorable mortgage rate environment helped keep housing affordable. As a result, many households were able to achieve the American Dream of homeownership. In 2001, the U.S. homeownership rate rose to 67.8 percent—an all-time high.”

NAR occasionally conducts surveys of sellers and homebuyers to “gather information about their most recent experience in buyer of selling a home, and the role of real estate professionals in those transactions. The survey includes questions about housing consumers…”

The following represents statistics collected from 2001 Homebuyers:

Over 72 million families owned homes in 2001.

The most important reason for purchasing a home was the “desire to own a home”.

The typical home purchased was an existing, single-family detached home located in the suburbs.

The typical home-buying search took seven weeks (where buyers visited ten homes).

Four out of five homebuyers used the services of a real estate agent as an important information source and help in the transaction.

Buyers were most likely to learn about the home they eventually purchased through a real estate agent.

Over 50% of homebuyers first learned about their real estate agent from either prior experience or referrals.

Eight out of ten homebuyers received recommendations from their real estate agent about sources for other real estate oriented services/products.

Two thirds of buyers said that they would definitely use the same agent again in a future transaction.

Of course, the internet now plays an important role in the homebuying process:

41% of homebuyers used the Internet as an information source.

Homebuying internet users are younger and buy higher-priced homes than other homebuyers.

63% of buyers said the Internet shortened the search time for their new home.

The following represents statistics collected from 2001 Home Sellers:

84% of repeat homebuyers sold their previous home at the same time they purchased their new home.

Over 50% of home sellers chose their agent based on prior interaction with the agent or based on a referral from friends, relatives or another broker.

Seven out of ten sellers said that they would use the same agent in future transactions.

Only 13% of homes were sold by owner directly.

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