On Tuesday, November 19, NAR Research held a Twitter Chat to discuss the highlights from the newly released 2013 Profile of Home Buyers and Sellers. Research’s Director of Member and Consumer Survey Research, Jessica Lautz, discussed the latest info and trends from this always popular annual report, responding to 140 character-or-less questions as they filtered in. The discussion was lively and informative, and thanks to all who participated. Even if you were unable to interact with us that day, the full recap of the #2013HBS hashtag recap can be found here, and the most popular tweets from the chat can be found after the jump:
This is a guest blog post by Hugh Morris, NAR’s Manager of Smart Growth Programs.
On October 31st, NAR’s Smart Growth Program released the latest version of its Consumer Preference Survey, which aims to shed light on the characteristics that people desire in their neighborhood and the trade-offs folks are willing to make to live in that preferred setting. At its core, the survey pits a traditional suburban community with separated-land uses necessitating driving to destinations vs. a smart growth community with a mix of land uses where walking, biking, and transit are viable for most trips. We also asked a battery of questions on various transportation modes and the respondents’ use of these modes and inclination to fund various modes.
The lead story out of the survey: 60 percent of respondents favor a neighborhood with a mix of houses and stores and other businesses that are easy to walk to, rather than neighborhoods that require more driving between home, work and recreation.
The 2013 NAR Profile of Home Buyers and Sellers was released on November 4, and as it does each year the report examined the demographics, preferences, motivations, plans, and experiences of recent buyers and sellers.
One recent trend discussed is how much consumers now embrace technology during the home search process. Did you know that…
- Fifty-six percent of buyers start their home search online, 43 percent found the home they ultimately purchased online (edging out all other sources), and 92 percent used the internet at some point during their search process.
- Forty-five percent of recent buyers used a mobile or tablet website or application during their home search and among those who did 22 percent found the home they purchased online.
Here are a few charts from the Profile that highlight the growth in technology usage over the years:
- Fifty-three percent of buyers undertook a home improvement project within three months of their home purchase.
- Buyers who purchased older, previously-owned homes were the most likely to undertake a home improvement project. Seventy-three percent of those who purchased a home that was built in 1920 or earlier did make a home improvement soon after buying the home, compared to only 33 percent of those who purchased a home built between 2010 and 2012.
- Remodeling the kitchen was the most common home improvement project among recent buyers—47 percent of buyers who did undertake a home improvement project remodeled the kitchen. Bathrooms were a close second at 44 percent.
- For more information, check out the 2013 Home Features Survey.
- Despite low interest rates and affordability of homes today, buyers are still making sacrifices to purchase a home.
- First-time buyers are most likely to make sacifices.
- The most common sacrifices are cutting spending on luxury items or non-essential items, cutting spending on entertainment, and cutting spending on clothes.
- For more information from the annual NAR Profile of Home Buyers and Sellers, click here.