The 2013 REALTOR® Nationwide Open House, the largest-ever international open house campaign, will be held on April 20 and 21. Below is some open house information from our annual profile of home buyers and sellers:
- Repeat buyers are more likely to find their home from an open house than first-time buyers and repeat buyers use open houses more frequently.
- Mid-income buyers, those with income between $55,000 and $75,000, are most likely to find their home through an open house compared to other incomes. However, as income increases the use of open houses actually increases as well. So higher income buyers are walking into open houses, but not finding their home through them.
- Older buyers, 65 years and older, are more likely to find their home through an open house than other age groups. As age increases the likelihood of using open houses as a search tool increases—45% of buyers aged 45 to 64 used open houses, compared to only 28% of buyers aged 18 to 24.
- Buyers in the South are most likely to find a home through an open house compared to other regions.
- Buyers of new homes use open houses much more frequently than buyers of previously-owned homes.
- Married couples and unmarried couples are more likely to walk through open houses than single buyers.
- Buyers whose primary language in the home is not English are more likely to use open houses—44% of buyers whose primary language is English use open houses, compared to 59% who use a language other than English in the home. Similarly, buyers who were not born in the U.S. are more likely to use open houses as a search tool—43% of those who were born in the U.S. use open houses compared to 57% of those who were not born in the U.S.
• Home buyers were recently asked about the importance of green features to their home purchase. Not surprisingly, features that directly affected home buyers’ monthly energy costs were most important to buyers. Buyers found heating and cooling costs the most important, with 39% percent of home buyers reporting this was very important, followed by energy efficient appliances and lighting, each with 24% of buyers saying it was very important.
• Landscaping for energy conservation and environmentally friendly community features were somewhat less important to home buyers—however, half of buyers did find theses at least somewhat important.
• Buyers in the Northeast and the South placed higher importance on heating and cooling costs.
• Buyers who purchased homes that were built in more recent years placed more importance on all environmental features in comparison to buyers who purchased older homes.
• Hopefully buyers will have a little luck of the Irish this weekend finding the perfect home for them!
• For more information on this data, check out the Profile of Home Buyers and Sellers, here.
- Although the demographics of home buyers often shift to reflect changes in the market, the motivations to make a home purchase are largely constant from year to year. The primary reason to purchase a home remains the desire to own a home of one’s own.
- Nearly a third of all home buyers cited this as their reason to purchase a home in 2012, and 60 percent of first-time home buyers cited this as their primary reason to buy.
- Repeat buyers are less likely to be motivated by the desire to simply own their own home and more likely to make a purchase as a result of changing circumstances: both the desire for a larger home and the need to relocate for a job or move were reasons cited most often.
- Other popular reasons to buy included the desire to be closer to family and friends, as well as a change in family situation.
- Among age groups of home buyers, there was a clear tendency for younger buyers to be more inclined to buy because of the desire to own a home, while older buyers (those in the 65 and older category) cited the desire to be closer to family and friends and retirement as the primary reasons to buy.
Click chart to view larger version.
- Sellers are turning to agents to help sell their homes at higher rates than in the past – 88 percent of home sales were agent-assisted compared to 82 percent in 2004.
- Only nine percent of recent sellers reported selling their homes as a FSBO – sales have dropped rapidly from 2003 when they were at 14 percent.
- Understanding and performing the paperwork was the most difficult task reported by FSBO sellers, followed by getting the price right and preparing and fixing up the home for sale.
- For a limited time, you can download a free copy of the 2012 Profile through the MVP Program. Click here for more information.
- To view highlights from the Profile, click here.
For the past several years, the top factor influencing where a buyer purchased a home was the quality of the neighborhood. Convenience to work was the second most significant factor with just under half of buyers citing its importance. Affordability of homes was also very important, with 39 percent citing it as a factor in their neighborhood choice. By family type there are variations in the importance of neighborhood factors. Single females place a higher priority on convenience to friends and family than other family types. Both single males and single females value affordability of homes. Married couples and those with children in the home place more priority on the quality and convenience to schools than other buyers. Unmarried couples and single males place a higher value on convenience to entertainment and leisure activities.
Data from the 2012 Profile of Home Buyers and Sellers.
Click chart to view larger version.
