The housing market appears to finally be headed in the right direction. The National Association of Realtors (NAR) has just released statistics about which demographic groups are buying homes. To increase sales, realtors should be targeting dual-income families in their promotions.
One of the biggest problems for home buyers in recent years has been qualifying for mortgages. After being stung by bad debt during the economic meltdown, banks and mortgage companies tightened their lending standards. As a result, dual-income households are having an easier time getting mortgages than other buyers. In only 2 years, this group of homeowners has increased from 58% to 65% of the market. These days, single women comprise about 16% of the home buying market, a noticeable drop from 20% during the peak market. Other home buying demographic groups that make up a smaller percentage of the market include single men and unmarried couples.
The NAR study found that home buyers turn to a variety of sources to find an agent:
- Online local MLS: 54%
- Realtor websites: 47%
- Realtor.com: 51%
- Real estate company sites: 39%
- Other sites with real estate listing: 27%
- Search engines: 19%
- Mobile/tablet apps or for-sale-by-owner sites: 13%
Online is also the leading format for buyers looking for homes with 42% saying they first learned of the house they bought on the Internet. Only 1% cited print newspapers as a top source.
When promoting themselves to sellers, realtors should emphasize their range of services. Over 80% of sellers use a full-service brokerage. Top qualities home sellers want in a realtor include trustworthiness and reputation.
With prices and mortgage rates at new lows in many markets, more buyers are starting to make their move. This is especially true of first-time buyers. Their activity will drive turnover in the rest of the market and bodes well for realtors who need to promote themselves to buyers and sellers both.
To learn more about New Home Seekers, seek out the Audience Interests & Intent Report available at the Research Store on ad-ology.com.[Source: NAR Survey of Home Buyers and Sellers. 10 Nov. 2012. Web. 16 Nov. 2012]