Every year, the National Association of REALTORS (NAR) performs a survey of homebuyers and sellers. "2015 Profile of Home Buyers and Sellers" is the new version made available this month.
The survey contained 128 questions mailed to 94,971 people who purchased a home between July 2014 and June 2015. The names and adresses were obtained from Experian, a company that collects information on people, businesses, and "lifestyle" data from on- and off-line surveys. Out of the 94,971 people mailed, only 6.7 % responded.
According to the survey result, which can be downloaded from NAR's official website, 2015 has the lowest figure of first time homebuyers in more than a decade, constituting just 32 percent of the market. While the properties have the lowest interest rates, the figure for first time homebuyers is still weak. Some of the major factors affecting sales are student loan debts and the uncertain economy.
According to Realty Times, the annual survey helps sellers and their agents know what works and what sources buyers use to look for their new homes. Sellers and agents may look in the home search process section for these information. One example is how the Internet helps in the search process. This year, 77 percent of buyers said that during the search process, they used the Internet more frequently. These figures were only 42 percent and 41 percent in 2003 and 2014, respectively. Sixty-eight percent of the buyers got information from real estate agents.
Majority of home buyers think that purchasing a residential property is one of the biggest financial negotiations they will encounter. The survey conducted gives comprehensive details about the home buyers' experiences with regard to real estate transactions. The highlights of the survey include the following:
- 30 percent purchased a home for the desire to own one
- 87 percent recently purchased their home through a real estate agent or broker
- 88 percent of buyers would use their agent again or recommend their agent to others
- 8 percent (down from nine percent) of recent home sales were FSBO sales. This is the lowest share recorded since this report started in 1981.
