- According to the Digital House Hunt, a joint report between NAR Research and Google, there is an opportunity for REALTORS® to market to home shoppers in online video environments.
- New home buyers place an emphasis on virtual tours and videos showcasing properties and communities.
- Finding an agent and agent related searches on YouTube grew 46% year-over-year.
- Number of agent-related videos on YouTube:
- 19,200 results for how to find a real estate agent;
- 88,400 for real estate agent;
- 118,000 for buying a home
- Home buyers who purchased previously owned homes are more likely to bring their online research offline by walking through or driving by a home they viewed online.
- 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.
Next to the Canadians, Chinese buyers represented the second largest group of international buyers of U.S. property, based on the National Association of REALTORS® 2013 Profile of International Home Buying Activity, which captures transactions of respondents in the 12 months ended March 2013.
Approximately 53 percent of reported purchases by Chinese buyers were in California. About 92 percent of reported purchases were in urban and suburban areas. According to information from Realtor.com ® based on access to the website, the five markets of greatest interest to potential Chinese buyers are Detroit, Los Angeles, Irvine, Las Vegas, and Orlando.
Other information about buyers from China:
- Buyers purchased an even mix of detached single-family and multifamily homes;
- 52 percent purchased in a suburban area and 40 percent in a central/urban city;
- The median price was $425,000;
- About 69 percent of purchases reported as all-cash purchases.
There is a good chance of having a foreign buyer, whose expectations and needs may differ from those of U.S. buyers. The site http://www.realtor.org/global provides a substantial amount of information that may be of help to REALTORS® not experienced in dealing with international clients.
- In 2012, there were more than 71 million young adults aged 18 to 34 living in the US—more than the roughly 69 million when the baby-boomers were in this age group in the mid-1980s.
- The share of adults under age 35 living at home, especially among those aged 25 to 34, is at the highest level since 1981. More than 30 percent of those 18 to 34 lived with parents ; the historical average is 28 percent.
- The share was 13.6 percent among those aged 25 to 34. The historical average for this group is only 11.7 percent. While a 2 percent difference sounds like a small amount, this translates into roughly 800,000 individuals.
- The share among those aged 18 to 24 was 56.2 percent compared to a 52.9 percent long term average. This translates into roughly 1 million individuals.
- At the same time, nearly 26 million households were headed by those under age 35. This group has a homeownership rate that has declined dramatically from its peak of over 43 percent in 2004 and 2005. In 2012 the homeownership rate was roughly 37 percent—the lowest level since publication of this data in the early 1980s. Continue reading »
- 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.