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NAR Survey 2006 - Surprising Data.
What you need to know to stay in business in 2007. Suprising data from the NAR!
Written By: Karen Deis
It’s that time of year again — The 2006 National Association of Realtors® Profile of Home Buyers and Sellers (survey)—has just been released! The 92-page booklet is packed with information (by area of the country) on what’s happening in the real estate market and what you need to know to keep up with the current trends.
I’ve personally reviewed each survey for the last 7 years. In this article, I have condensed and interpreted the most important and significant changes that will affect your mortgage business and tips on where to focus your marketing strategies/dollars in 2007.
The most significant changes are:
First-Time Homebuyers
FSBO Sellers
Vacation/Investment Property Buyers
Buyer and Seller Research Sources
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Each statistic in this article is based on the national average. If you get your hands on the survey, you will find that it is actually broken down by areas of the country—because Florida’s info will not be the same as North Dakota.
First-Time Homebuyers
The percentage of 1st time homebuyers has decreased from an average of 42% to 36%. The reason given is the housing prices have been increasing so fast that it is pushing potential homebuyers out of the market. With housing prices decreasing, more homes on the market and rents increasing from 5% to 14% (See USA Today article), 2007 will show a substantial increase in home purchases by first-time homebuyers.
1st Time Homebuyers Demographics:
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