Every year, the National Association of Realtors (NAR) conducts a survey of home buyers and sellers in that year and summarizes the results in a publication, the latest version of which is called the 2011 NAR Profile of Home Buyers and Sellers (a summary and explanation about methodology of the survey is available at the NAR website). The information in that profile is interesting and is helpful in determining how to best position yourself as a home buyer or home seller in the current market. Here is some interesting information from the publication regarding buyers:
- 37% of buyers in 2011 were first-time homebuyers (down from 50% in 2010).
- The average age of a homebuyer was 45 years old (up from 39 years old in 2010).
- Home buyers typically searched for a home for 12 weeks and viewed 12 homes before purchasing.
- 89% of buyers purchased through a real estate agent/broker (this number has been increasing every year since 2001).
- 73% of buyers considered commuting costs at least somewhat important.
Keep in mind that this is a national survey and that market dynamics and trends can be quite localized. For more information about how Tewksbury, New Jersey market dynamics affect your position as a home buyer or home seller, contact Leaf, Realtors at 908-975-9756.