Barrington – Deer Park Real Estate – Some of the trends for 2008 Buyers & Sellers by NAR.

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I was going through my papers saved on my desk from the last few months, papers to be reviewed.   No I am not a saver, the exact opposite, I am a pile keeper then I pitch & sort quickly.   I came across an article from NAR (National Association of Realtors)  from November 2008 about the trends for home buyers and home sellers in 2008.

Some of the  home buyer and home seller trends that stood out for me were:

First time home buyers are planning to stay in their homes for 10 years vs 7 in 2007.   Are we going backwards?

Only 1% of sellers chose a real  estate  agent based on  their commission.   This is very different from a few years ago.   Home sellers are realizing the value of our services.

Just about  90% of the buyers and home sellers would “definitely or probably” use the same real estate agent they used in their last home sale or purchase again or refer them.   We are doing a great job with building relationships and our service.

39%  said that  transportation costs were somewhat important.   People are not all moving far out to buy the bigger house, they are settling for smaller homes but closer to work.

90% of the home buyers feel that environmentally friendly features are important to them in  considering their  home purchase.   90% of the home buyers?   This is a great sign and a great number if we all did a little bit of conservation just think where we would be a year from now.

2/3 of all home buyers contacted only one real estate agent not many.   The first impression is so important, quick response, professionalism, trustworthyness  and great service is the key.

15% of home buyers that bought in 2008 own 2 or more homes.   I thought this number would have been a little higher as this is a great time to buy investment property and has been for a years.

Home sellersmoved a distance of only 19 miles on average  from their previous home.   This we do see all the time, whether up-sizing or downsizing.

81% of the home sellers used a full service brokerage to sell their home.   They appreciate our great service and the time we spend servicing their real estate listing.

87% of the home buyers that bought in 2008 used the Internet in their search for a home.   Every real estate agent should have a great web presence.   Our team does check us out at

85% of buyers used a professional real estate agent for their search for a home.   We have access to so much more information and the home buyer doesn’t pay us the home seller does in most cases.

45% of the FSBO (For sale by owners) were “closely held” between parties who knew each other in advance and not paced on the open market.   Factoring out these, 7% were sold without the use of a real estate agent.   Not such a high number vs a couple years ago when it was easier for FSBOs.

The median home price for home sellers who used a real estate agent was $211,000 vs $153000 for a home sold directly by the home owner.   Sellers were more likely to be in a small town or rural area where sellers are more likely to know potential home buyers.   Many were mobile homes or manufactured and the income of the sellers was lower than those that used real estate agents.   There is our commission and we do most of the work.

Home sellers that did not use a real estate  agent said that the hardest tasks were selling on time, getting the price right, preparing the home, and the paperwork was hard to understand.   Yes there is so much of it and so many people involved in the transaction.   There is a lot of followup involved in getting a home sold.

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Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas


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