NVAR Spring Forecast - TJ Doyle

transcript

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

First-time Home Buyers

Age of First-time and Repeat Buyers

Household Income of First-time and Repeat Buyers

Primary Reason for Purchasing a Home

Primary Reason for Timing of Purchase

Use of Social Networking Sites

What Are Your Buyers Looking For?

New and Previously Owned Homes Purchased

2001 2003 2004 2005 2006 2007 20080%

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

New and Previously Owned Homes Purchased, by Region

Type of Home Purchased

Factors Influencing Neighborhood Choice

Price of Home Purchased

Importance of Commuting Costs

Very Impor-tant; 41%

Some-what

Impor-tant; 39%

Not Impor-tant; 20%

IMPORTANCE OF COMMUTING COSTS(Percentage Distribution)

How Are They Searching?

First Step Taken During the Home Buying Process

Information Sources used in Home Search

Usefulness of Information Sources

Where Buyer Found the Home They Purchased

Buyer Interest in Purchasing a Home in Foreclosure

Use of Internet to Search for Homes

2003 2004 2005 2005 2007 20080%

10%20%30%40%50%60%70%80%90%

42%53% 57% 59% 66% 69%

29%24% 22% 21%

18% 18%

USE OF INTERNET TO SEARCH FOR HOMES

Frequently Occasionally

Information Sources Used in Home Search, by use of Internet

Web Sites Used in Home Search

It's All About You

Method of Home Purchase

What Buyers Want Most from You

What Buyers Want Most from You, by type of Buyer/Home

Benefits Provided by You

How Buyer Found You

Most Important Factors When Choosing You

Importance of Your Skills and Qualities

Satisfaction With You

Would Buyer Use You Again or Recommend You to Others

Buying the Home

Buyers Who Financed Their Home Purchase, by Age

Buyers Who Financed Their Home Purchase, by Household Type

Sacrifices Made to Purchase Home

Difficulty of Mortgage Application and Approval Process

Type of Mortgage, by type of Buyer

Buyers' View of Homes as a Financial Investment

Who Are Your Sellers?

Age of Home Sellers, by Region

Hosehold Income of Home Sellers

Adult Composition of Home Sellers

Home Selling Situation Among Repeat Buyers

Price of Home Purchased Compared to Home Recently Sold

Primary Reason for Selling Previous Home

Selling The Home

Method Used to Sell Home, by Region

Method Used to Sell Home, by Seller Urgency

Incentives Offered to Attract Buyers

Short Sales, by Region

Satisfaction with the Selling Process

Again….it’s All About You

Method Used to Find You

Did Seller Use the same Real Estate Professional for their Home

Purchase?

Level of Service Provided by You

What Sellers Want Most from You

Most Important Factor in Choosing You to Sell Home

Would Seller Use You Again or Recommned You to Others

FSBO and Agent-Assisted Sales

Selling Price, FSBO and Agent-Assisted Sellers

Incentives Offered to Attract Buyers, FSBO and Agent-Assited Sellers

Most Difficult Task for FSBO 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