Real Estate Statistics In Today’s Market
Are you considering buying a new home? If so, this broker report gives you inside information about important Real Estate statistics.
When most people decide to purchase a home they begin their search for their dream home themselves. Although this may work for you, most people don’t get too far by searching for homes themselves especially when they don’t know much about the real estate industry. Let’s take a closer look into how buyers search for homes in today’s real estate market.
Are You in the Market for a New Home?
Are you currently searching to purchase your dream home? Do you use the internet? Do you have an agent? Do you ride by your neighborhood and look for “For Sale” signs? Do you go to open houses? Do you search in newspapers or magazines? Regardless of where your search may have started the internet and real estate agents are the main ways in which buyers search for a home.
In fact, 88% of people interested in purchasing a home look on the internet while 87% of people decide to hire a real estate agent to make their search less stressful. Since your time is very valuable especially when searching for the right home for you and your family, avoid wasting your time searching in newspapers and magazines because only 2% of buyers found their home this way.
Choose the Right Agent
Keep in mind whether you’re a buyer or seller you must make sure you select an agent that understands all of your needs. By interviewing various agents you will ensure that you have selected the right real estate agent for you. Most home buyers go through an extensive interview process prior to selecting their real estate agent. Approximately 66% of people contacted one agent before selecting a real estate agent to assist them with the sale of their home. Typically, the first agent to respond usually gets the listing so only 13% of seller’s contacted three agents while 2% of sellers contacted four real estate agents.
If you’re a real estate agent it’s very important for you to recognize where all of your potential buyers come from so you could advertise accordingly. About 40% of buyers found their dream home on the internet and 35% of home buyers found their home after hiring the right real estate agent. Only 11% of buyers actually found their home after seeing a “For Sale” sign in their neighborhood. A measly 2% of home buyers actually found their home in a newspaper.
These real estate statistics are very significant because if you’re considering selling your home you should first advertise on the internet because buyers are 20 times more likely to sell their home by advertising on the internet as compared to in a newspaper. In retrospect, 92% of real estate agents market their listing on the internet.