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Northern Virginia Association of Realtors® - Spring Forecast event - TJ Doyle (speaker) - March 19, 2009
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2008 Northern Virginia Profile of Home Buyers and Sellers: Highlights
T.J. DoyleMarketing and Communications Manager, Research Division
National Association of REALTORS®March 19, 2009
• NAR’s Research Division is located in Washington DC, and is comprised of 17 people.
• More than half are staff economists (including NAR’s Chief Economist Lawrence Yun).
• The Research Division produces new information on housing and the economy every day.
First of all…Who is NAR Research?
• Every month, NAR Research produces the Existing Home Sales report as well as the Pending Home Sales Index. The EHS numbers are often reported widely by the media.
• Everything Research does for you can be found here: www.realtor.org/research
First of all…Who is NAR Research?
NAR Profile of Home Buyers and Sellers
8 page mailed survey to roughly 4,000 Northern Virginia consumers in August 2008Excellent survey return rateThose surveyed bought homes between July 2007 and June 2008
Source: 2008 Profile of Home Buyers and Sellers
Who Are Your Buyers?
Adult Composition of Home Buyer Households
Source: 2008 Profile of Home Buyers and Sellers
First-time Home Buyers
Source: 2008 Profile of Home Buyers and Sellers
Age of First-time and Repeat Buyers
Source: 2008 Profile of Home Buyers and Sellers
Household Income of First-time and Repeat Buyers
Source: 2008 Profile of Home Buyers and Sellers
Primary Reason for Purchasing a Home
Source: 2008 Profile of Home Buyers and Sellers
Primary Reason for Timing of Purchase
Source: 2008 Profile of Home Buyers and Sellers
U.S.
Use of Social Networking Sites
Source: 2008 Profile of Home Buyers and Sellers
What Are Your Buyers Looking For?
New and Previously Owned Homes Purchased
Source: 2008 Profile of Home Buyers and Sellers
2001 2003 2004 2005 2006 2007 20080%
20%
40%
60%
80%
100%
21%28%
21% 23% 22% 23% 21%
79%72%
79% 77% 78% 77% 79%
NEW AND PREVIOUSLY OWNED HOMES PURCHASED(Percentage Distribution)
New Previously Owned
U.S.
New and Previously Owned Homes Purchased, by Region
Source: 2008 Profile of Home Buyers and Sellers
Type of Home Purchased
Source: 2008 Profile of Home Buyers and Sellers
Factors Influencing Neighborhood Choice
Source: 2008 Profile of Home Buyers and Sellers
Price of Home Purchased
Source: 2008 Profile of Home Buyers and Sellers
Importance of Commuting Costs
Source: 2008 Profile of Home Buyers and Sellers
Very Impor-tant; 41%
Some-what
Impor-tant; 39%
Not Impor-tant; 20%
IMPORTANCE OF COMMUTING COSTS(Percentage Distribution)
U.S.
How Are They Searching?
First Step Taken During the Home Buying Process
Source: 2008 Profile of Home Buyers and Sellers
Information Sources used in Home Search
Source: 2008 Profile of Home Buyers and Sellers
Usefulness of Information Sources
Source: 2008 Profile of Home Buyers and Sellers
Where Buyer Found the Home They Purchased
Source: 2008 Profile of Home Buyers and Sellers
Buyer Interest in Purchasing a Home in Foreclosure
Source: 2008 Profile of Home Buyers and Sellers
Use of Internet to Search for Homes
Source: 2008 Profile of Home Buyers and Sellers
2003 2004 2005 2005 2007 20080%
10%20%30%40%50%60%70%80%90%
100%
42%53% 57% 59% 66% 69%
29%24% 22% 21%
18% 18%
USE OF INTERNET TO SEARCH FOR HOMES
Frequently Occasionally
U.S.
Information Sources Used in Home Search, by use of Internet
Source: 2008 Profile of Home Buyers and Sellers
Web Sites Used in Home Search
Source: 2008 Profile of Home Buyers and Sellers
It's All About You
Method of Home Purchase
Source: 2008 Profile of Home Buyers and Sellers
What Buyers Want Most from You
Source: 2008 Profile of Home Buyers and Sellers
What Buyers Want Most from You, by type of Buyer/Home
Source: 2008 Profile of Home Buyers and Sellers
Benefits Provided by You
Source: 2008 Profile of Home Buyers and Sellers
How Buyer Found You
Source: 2008 Profile of Home Buyers and Sellers
Most Important Factors When Choosing You
Source: 2008 Profile of Home Buyers and Sellers
Importance of Your Skills and Qualities
Source: 2008 Profile of Home Buyers and Sellers
Satisfaction With You
Source: 2008 Profile of Home Buyers and Sellers
Would Buyer Use You Again or Recommend You to Others
Source: 2008 Profile of Home Buyers and Sellers
Buying the Home
Buyers Who Financed Their Home Purchase, by Age
Source: 2008 Profile of Home Buyers and Sellers
Buyers Who Financed Their Home Purchase, by Household Type
Source: 2008 Profile of Home Buyers and Sellers
Sacrifices Made to Purchase Home
Source: 2008 Profile of Home Buyers and Sellers
Difficulty of Mortgage Application and Approval Process
Source: 2008 Profile of Home Buyers and Sellers
Type of Mortgage, by type of Buyer
Source: 2008 Profile of Home Buyers and Sellers
Buyers' View of Homes as a Financial Investment
Source: 2008 Profile of Home Buyers and Sellers
Who Are Your Sellers?
Age of Home Sellers, by Region
Source: 2008 Profile of Home Buyers and Sellers
Hosehold Income of Home Sellers
Source: 2008 Profile of Home Buyers and Sellers
Adult Composition of Home Sellers
Source: 2008 Profile of Home Buyers and Sellers
Home Selling Situation Among Repeat Buyers
Source: 2008 Profile of Home Buyers and Sellers
Price of Home Purchased Compared to Home Recently Sold
Source: 2008 Profile of Home Buyers and Sellers
Primary Reason for Selling Previous Home
Source: 2008 Profile of Home Buyers and Sellers
Selling The Home
Method Used to Sell Home, by Region
Source: 2008 Profile of Home Buyers and Sellers
Method Used to Sell Home, by Seller Urgency
Source: 2008 Profile of Home Buyers and Sellers
Incentives Offered to Attract Buyers
Source: 2008 Profile of Home Buyers and Sellers
Short Sales, by Region
Source: 2008 Profile of Home Buyers and Sellers
Satisfaction with the Selling Process
Source: 2008 Profile of Home Buyers and Sellers
Again….it’s All About You
Method Used to Find You
Source: 2008 Profile of Home Buyers and Sellers
Did Seller Use the same Real Estate Professional for their Home
Purchase?
Source: 2008 Profile of Home Buyers and Sellers
Level of Service Provided by You
Source: 2008 Profile of Home Buyers and Sellers
What Sellers Want Most from You
Source: 2008 Profile of Home Buyers and Sellers
Most Important Factor in Choosing You to Sell Home
Source: 2008 Profile of Home Buyers and Sellers
Would Seller Use You Again or Recommned You to Others
Source: 2008 Profile of Home Buyers and Sellers
FSBOs
FSBO and Agent-Assisted Sales
Source: 2008 Profile of Home Buyers and Sellers
Selling Price, FSBO and Agent-Assisted Sellers
Source: 2008 Profile of Home Buyers and Sellers
Incentives Offered to Attract Buyers, FSBO and Agent-Assited Sellers
Source: 2008 Profile of Home Buyers and Sellers
Most Difficult Task for FSBO Sellers
Source: 2008 Profile of Home Buyers and Sellers
2008 Northern Virginia Profile of Home Buyers and Sellers: Highlights
T.J. DoyleMarketing and Communications Manager, Research Division
National Association of REALTORS®March 19, 2009