Archive

Archive for the ‘’ Category

Highlights From the 2014 Profile of Home Buyers and Sellers

November 5, 2014 Comments off

Highlights From the 2014 Profile of Home Buyers and Sellers
Source: National Association of REALTORS®

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.

  • Thirty-three percent of recent home buyers were first time buyers, which is still suppressed from the historical norm of 40 percent among primary residence buyers.
  • For 43 percent of home buyers, the first step in the home-buying process was looking online for properties and 12 percent of home buyers first looked online for information about the home buying process.
  • Ninety-two percent of buyers use the internet in some way in their home search process and 50 percent of buyers use a mobile website or application in their home search.
  • Real estate agents were viewed as a useful information source by 98 percent of buyers who used an agent while searching for a home.
  • The typical home buyer searched for 10 weeks and viewed 10 homes—this is two weeks shorter than the previous year’s report.
  • Seventy percent of home sellers only contacted one agent before selecting the one to assist with their home sale.
  • The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty-four percent knew the buyer prior to home purchase.

See also: Presentation: 2014 Profile of Home Buyers and Sellers

About these ads

Lenders Note Impact of Higher FHA Fees

August 1, 2014 Comments off

Lenders Note Impact of Higher FHA Fees
Source: National Association of REALTORS®

The mortgage market was buffeted by a number of changes in 2013 and 2014 among them higher fees at the FHA. NAR Research’ s second Survey of Mortgage Originators includes questions about the impact of changes to the FHA program on consumers.

Since 2010, the FHA has increased the rates it charges for mortgage insurance. On average, responding lenders indicated that 5.7% of originations were lost because of the increase in FHA fees. The distribution clustered between a response of 1.1% to 2.0% and 6.1% to 7.0%. A loss of 5.7% in sales would correlate to roughly 200,000 to 250,000 home sales lost, near the mid-point of estimates NAR Research produced in April.

NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers

July 25, 2014 Comments off

NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers
Source: National Association of REALTORS®

First-time homebuyers have been largely absent from the housing market in the current economic recovery, but some metropolitan areas – particularly in the Midwest and West – are well positioned to see increases in home-buying from the Millennial generation in upcoming years, according to new research by the National Association of Realtors®.

NAR analyzed current housing conditions, job creation and population trends in metropolitan statistical areas1 across the U.S. to determine the best markets for aspiring, leading edge Millennial2 homebuyers. Austin, Texas and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Seven of the 10 metro areas recognized are in the Midwest and West.

REALTORS® in the American Workforce, by State

June 20, 2014 Comments off

REALTORS® in the American Workforce, by State
Source: National Association of REALTORS®

The interactive map below allows you to look at the share of REALTOR® members by state and, by using the slider in the top left corner of the map, through time.

What stands out in the map, regardless of the year’s data that you look at, is that there is geographic variation in the ratio of REALTOR® members to employed persons by state. If you take a look at this variation over time, you find that there is also some consistency in the shares by state.

Hawaii is a perennial leader, coming in with the highest share of REALTOR® members per employed persons in 19 of 34 years. Arizona is a close second, coming in with the highest ratio in 15 of 34 years. These two states are the only two to rank number one in this metric from 1980 through 2013. In that time, the highest share of REALTOR® members per employed persons ranged from 0.9 to 2.3 percent.

By contrast, the state with the lowest share of REALTOR® members per employed persons has been more variable. In the 34 years observed, Mississippi, Maine, West Virginia, South Dakota, and North Dakota have all rotated in and out of this position. In every year, the state with the lowest share of REALTOR® members per employed persons has ranged between 0.2 and 0.4 percent.

State-by-State Economic Impact of Real Estate Activity

April 24, 2014 Comments off

State-by-State Economic Impact of Real Estate Activity
Source: National Association of REALTORS®

How is the housing market in your state affecting the local economy? These reports outline the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance. Find out how much the real estate industry is affecting the gross state product for your area.

National Association of REALTORS® Generational Trends Study Shows Confidence in Market, Some Challenges

March 12, 2014 Comments off

NAR Generational Trends Study Shows Confidence in Market, Some Challenges
Source: National Association of REALTORS®

Young home buyers remain optimistic and see their home as a good investment, while older buyers are more likely to trade down to a smaller property to match changing lifestyles, according to the 2014 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers.

Eight out of 10 recent buyers considered their home purchase a good financial investment, ranging from 87 percent for buyers age 33 and younger, to 74 percent for buyers 68 and older.

Foreclosure Rates and Changes: Q4 2013 vs. Q4 2012

March 10, 2014 Comments off

Foreclosure Rates and Changes: Q4 2013 vs. Q4 2012
Source: National Association of REALTORS®

Rising home values and an improved economy changed the foreclosure picture dramatically over the last two years. The decline in foreclosures and distressed sales resulted in less downward pressure on prices and more buyer confidence. To find out how your market performed, see the 4th quarter 2013 Local Market Reports.

Follow

Get every new post delivered to your Inbox.

Join 958 other followers