Every December, the National Association of Realtors releases their summary of real estate trends. This year, the report covered July 2021 through June 2022. It was quite the time period as we all learned! It was the height of our mad Seller’s market, a time of alarming interest rate increases, and then a dramatic slow down in the action. Quite the 12 months of real estate!!
I learned that first time buyers got older, 36 on average, and made up only 26% of the market. Repeat buyers also got older as well
, 59, and fewer of them needed financing. Almost 30% of these mature buyers could pay cash due to equity built up in their previous home. The share of the market for single women buyers continues to increase over time, now at 17%, and the smallest amount of the market goes to single males, 8%. Most buyers and sellers used an agent (86%) to either buy or sell. Buyers took an average of 10 weeks to find a home, but only looked at an average of 5 homes before choosing.
Almost all buyers started their search online and honed their home preferences based on what they saw and what was available before contacting a realtor, (96%). Virtual tours, home photos, and videos have helped buyers make decisions to eliminate some homes, and solidify the desire to see others in person. Once a realtor is contacted, buyers are hoping for guidance and advice through the transaction, not necessarily to actually find the home. They’re doing that on their own, online. But they do want an honest and knowledgeable professional to rely on for this big purchase.
For home sellers, professional photos are an essential, key aspect of attracting buyers. Preparing the home for sale, and for those all important photos, is a must-do requirement! Your home is being compared to all the others online and needs to look beautiful! The 86% of sellers who used an agent sold their homes faster, and for more money than those who did not. Most buyers and sellers found their agent from a friend or family member referral, and usually worked with the first agent they spoke to.
It will be interesting to see what trends have already started for 2023. I hope assistance and access to homeownership for first time homebuyers increases in the coming years. I hope the interest rate stabilizes and allows buyers to secure a payment they can afford. I hope sellers can get what they need out of their home and move on to their next phase. And I hope to help those who are ready to buy or sell achieve their goal. Come visit me over at FirstHomeEd.com and let’s get started.
So many good things to come,
Diana Cohen
Opmerkingen