The findings of a study, conducted by the National Association of Realtors earlier this year, have just been released. From my perspective, and probably that of many other agents, the findings weren’t very surprising. The two key findings that aren’t really surprising, are:
- Sellers still overwhelmingly prefer full-service brokerages/agents.
- It is increasingly important for homes to be on the internet.
What Sellers Do: 83% of the sellers used a full-service broker/agent (like HER Real Living). Only 9% used limited service companies and only 8% used minimal service companies
How Sellers Feel: 71% were very satisfied and 24% were somewhat satisfied with their full-service broker/agent. Of those who used the minimal service companies, 50% were dissatisfied with their experience.
Unrepresented Sellers: The number of sellers choosing to go-it-alone has dropped to only 12%, from 20% in 1987. However, that 12% is really only 7% when private transactions are removed. Private transactions aren’t really on the market as being for sale. They are most likely sales between family members.
Average Price: The median price for sellers who use an agent is 31.9% higher than a home sold directly by an owner - $247,000 vs $187,200.
Who Are the Typical Buyers: 61% are married couples, 22% are single women, 9% are single men, 7% are unmarried couples, and 1% are other.
How Buyers Search for Homes: 85% used a real estate agent, 80% used the internet, 63% saw yard signs, 55% read newspaper ads, 47% visited open houses.
How Buyers learned about the home they purchased: 36% found it with a real estate agent, 24% found it on the internet, 15% from a yard sign, 8% from friend/relative, 8% from a home builder, 5% from a newspaper, 3% from the seller, and 1% from a home magazine.
Which web sites Buyers Used: 53% used local MLS sites, 52% used Realtor.com, 41% local brokers’ sites, 40% local real estate agents’ sites, 14% local newspaper sites, 6% home magazine sites.
So, let’s see … in summary … I work for a full-service broker … and my listings are on many web sites including my own at www.elainereese.com … so I guess that means you should use ME as your Realtor®!
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Elaine Reese
614-825-8860Real Living HER
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What’s the #2 question to ask a Realtor® when listing your home? « // August 5, 2007 at 9:26 pm
[...] them is about their use and knowledge of the internet. I posted a blog about the results of the 2006 NAR survey that strongly indicated that 80% of the buyers use the internet when they begin their search for a [...]
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