A Decade of Dramatic Developments
At the beginning of the 21stcentury, most home buyers had never viewed a home online; the three tophome sale marketing methods were yard signs, newspaper ads, and openhouses; and nearly nine out of 10 buyers financed their purchase with afixed-rate, 30-year mortgage.
What a difference a decade makes.
“The real estate industry has seentremendous change and evolution over the past decade,” said NATIONALASSOCIATION OF REALTORS® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source forreal estate information, REALTORS® have not only anticipated andadapted to the evolving needs of their clients and customers, but alsohave influenced industry trends and innovations that will carry us intothe future.”
In 1999, buyers who went online in searchfor a home were in the minority – only 37 percent of buyers used theInternet in their home search, according to data from the NAR Profile of Home Buyers and Sellers.Today, 90 percent of buyers are searching online, and the real estateindustry has responded. Sites like REALTOR.com, which attracts nearly12 million total visits every month, have evolved to gives today’sbuyers what they want – not just property listings, but multiplephotos, online videos, mapping features, and comprehensive neighborhoodinformation, as well.Median home values over the past decadehave increased more than 25 percent, from $137,600 in November 1999 to$172,600 in November 2009 (the most recent existing-home dataavailable). Fewer people are buying detached, single family homes – 82percent in 1999 compared to 78 percent in 2009 – but more people arebuying homes in suburban neighborhoods – 46 percent in 1999 compared to54 percent today.
Buyers themselves have also changed. Asmaller proportion of married couples are buying homes these days;while married couples comprised 68 percent of all home purchases at thebeginning of this century, they represent 60 percent of all buyerstoday. Single men and women have made up the difference – single menpurchased 10 percent of all homes last year, compared to only 7 percent10 years ago. Single women now represent more than one-fifth of allhome buyers – 21 percent, up from 15 percent in 1999.
Other things haven’t changed. The medianage for home buyers last year was 39, just as it was in 1999.Neighborhood quality, affordability, and convenience to work and schoolhave consistently been top priorities for both past and present buyers.And eight out of 10 recently surveyed consumers believe that owning ahome is an investment in their future.
“REALTORS® have been around for more than100 years, but one constant during that time has been the persistenceof homeownership as the American Dream,” said Golder. “As the firstdecade of this century comes to a close, NAR stands ready to meet themany challenges and opportunities that lie ahead by helping ourREALTORS® members better serve their clients and communities andensuring that those dreams of homeownership remain possible for all whowant to achieve it.”
Here's Another Feather In Your Hat!
Posted by Nancy Strong at Wednesday, January 13, 2010 9:00:00 AM 
Categories: Grow Your Business
Tags: Real estate agents Real Estate
Categories: Grow Your Business
Tags: Real estate agents Real Estate
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