Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [April 2006]
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2005 Profile of Homebuyers & Sellers
Annually the National Association of realtors (NAR) conducts a survey entitled “Profile of Home Buyers and Sellers.” The results for 2005 — while not surprising — show that today’s homebuyers and sellers are better informed than ever before when it comes to buying and selling a home. Although the survey is national in scope, there are some striking similarities to our local real estate market. The following are some excerpts from the report.
Today’s consumers have access to a vast amount of information about the home buying and selling process, including a large and growing number of Internet-based tools that provide detailed information about local property markets. Consequently, homebuyers and sellers are becoming increasingly sophisticated and require real estate professionals to meet their heightened expectations for service. Even with increasing access to information, however, most homebuyers and sellers depend on the experience and expertise of real estate professionals to assist them with the complex task of completing a real estate transaction.
Thirty-eight percent of recent homebuyers were under 35 years old. Three out of four homes purchased in 2005 were detached single-family homes. Ninety percent of homebuyers used a real estate professional during their home search. Seventy-seven percent of homebuyers purchased their home through a real estate agent. The median age of home sellers was 47 years in 2005. Sixty-three percent of sellers reported they would definitely use the same real estate agent again. The median selling price of “For Sale by Owner” (FSBO) homes was $198,200 compared with $230,000 for agent-assisted home sales.
Because of space limitations in this paper I cannot include more details from the publication. However, if you would like to read a copy of the report highlights, you can view it at www.marymonday.com/pub/profile.pdf. I think you will find it both interesting and enlightening.
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