Who buys Vancouver Real Estate?
Who buys Vancouver Real Estate?
The Survey
Our US counterparts to the Canadian Real Estate Association, the National Association of Realtors released their 2009 survey “Profiles Home Buyers and Sellers”.
The survey incorporates approximately nine thousand responses returned by those who either bought or sold a home between July 2008 and June 2009. The basis for the survey originates from deed transfers and other public records in the United States.
The Facts
· 47% of all buyers were first time buyers.
· 62% of first time buyers reported that the primary reason for buying a home was the desire to be a homeowner.
· 35% of all buyers reported the desire to be a homeowner as the number 1 reason.
· 83% of all first time buyers are under the age 44.
· 62% of all buyers are under age 44.
· 63% of all buyers had no children under the age of 18 residing at home.
· 90% of all buyers used the internet to do their research
· 84% of buyers reported the use of photos to be the most useful information.
· The #1 action taken after viewing a home online was to drive by or visit the home
· 66% of buyers reported that they used a print ad to search, but only between 84% to 90% (depending on the print medium) reported that those sources were “not useful”.
· 36% of buyers found the home they purchased through an agent, 36% found the home they purchased online, less than 3% found the home they purchased in a print ad.
· 77% of buyers purchased their home with an agent.
· 85% of sellers sold their home with an agent.
· 87% of buyers viewed real estate as a good investment.
The Summary.....
Based on the results, the most interesting element of the survey is the soaring degree to which people are starting to rely on the internet as their main source of real estate information. With the print medium already taking a beating with low ad sales due to the influx of more cost effective to free forms on the internet, the news of how 84% to 90% of those surveyed said they found print advertisements “not useful” isn’t good news at all.
For 2010
In that only 36% of the buyers find their home using an agent, this puts a challenge before all real estate agents. Real estate agents need to step it up, continually improving their tools and skills. Help make the home search process as stress-free as possible and not just using that as a slogan. The client always has a choice to which they pick as a realtor, why not make it easy for them!
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