Find a buyer for my Long Island Home! Doesn’t it make sense to spend advertising dollars where buyers are looking for homes? The purpose of the 2010 National Association of Realtors (NAR) Profile of Buyers and Sellers is to provide information about the home buying and selling process. Insights into what works and what doesn’t.
Here are some of the more pertinent facts that answer the question, “Where do buyers look for a home?”
89% of buyers used the Internet in their home search process. Among those buyers who used the Internet, 90% also used a real estate agent.
84% of all buyers who purchased a home in the Northeast used a real estate agent.
Buyers typically spent 12 weeks searching for a home and inspected 12 homes.
Buyers first learned about the home they eventually purchased: 38% from a Real Estate Agent; 37% from the Internet; 11% from a Yard/Open House Sign. Only 2% from a Print Newspaper Ad and Below 1% from a Home Magazine/Book.
Buyers stated that the most important features of a web site were Photos (85%), Detailed Property Information (83%) – followed by Virtual Tours (61%), Real Estate Agent Contact Info (45%), Interactive Maps (43%), and Neighborhood Info (40%).
Web Sites that buyers used in search: MLS (59%), Realtor.com (45%), Real Estate Company web site (43%), Agent’s personal web site (42%), Other Web Sites with real estate listings (41%), Newspaper (8%), Real Estate Magazine (4%), Social Networking – e.g. Facebook, My Space, etc. (2%), Video hosting Web sites – e.g. You Tube, etc. (1%).
50% of all buyers in 2010 were 1st time home buyers, and the median age was 30. Compare that to the median age of 49 for the repeat buyer.
85% of all homes purchased were previously owned.
Of interest also is that the buyers who most frequently used the Internet in their search for a home were younger married couples (average age 37) with higher median incomes. They spent twice as much time searching for homes on the Internet and inspected almost 3 times as many homes as other buyers.
The #1 reason for purchasing a home in all categories is the “desire to own a home of my own” and the #1 reason for selecting a home was “quality of the neighborhood.”
Why is it important to know these statistics? If the goal is to find a buyer for your home, you need to know where the buyers are looking. Yes. A Multi-Media Marketing Campaign is important – to touch “all the bases”. But focus on the areas that work. For example, those beautiful, glossy “Home Magazines” you find in the supermarket or enclosed with your newspaper rank below 1% as a means of finding a buyer for your home.