Where Buyers Find the Home They Purchase
When homeowners are preparing to sell their residence, they often want to know how buyers find the home that they ultimately purchase. Based on a 2018 National Association of Realtors survey, the majority of buyers either find their home through a web search or through their real estate agent.
With so many people trying to buy a home and with Denver inventory still low (although it’s getting better!), it’s crucial for your home to be found quickly and efficiently by serious and qualified buyers. This will bring down your DOM (days on market) and allow you flexibility when it comes to making your next move. Spring continues to be the favored time of year to list a home so now is the perfect time to make your move.
When you work with a Usaj Realty broker, your property gets marketed with an attention to detail you won’t find anywhere else. We implement proven methods that work and coincide with an 8-week marketing plan to get your home sold for the best price possible. If you are considering selling your home, we’d love to help you learn more.
According to the NAR survey, the home search process of searching online is a favored first step of home buyers, regardless of age. However, real estate agents remain a vital part of the process, and are the second most frequently used information source for home buyers.
The NAR reports the average length of the home search was eight weeks, and buyers 38 to 71 viewed a median of 10 homes, with buyers 37 and younger viewing nine homes and buyers 72 and older viewing six homes. Younger generations typically found their home through the internet. The share of buyers who found their home on the internet decreases with age; conversely, the share of buyers who found their home through an agent increases with age.
In response to looking at homes on the internet, buyers typically used 3D tours and virtual reality tools (when available) to “walk” through the homes that they viewed online. Buyers also valued website features such as photos and detailed property information.
Stats from the "2018 National Association of REALTORS® Home Buyer and Seller Generational Trends" Graph by Usaj Realty
Highlights from the 2018 report include the following information on home buyer trends:
- At 36 percent, millennials continue to be the largest generational group of buyers. A whopping 65 percent were first time home buyers and 86 percent felt buying a home was a good financial investment.
- First-time buyers made up 34 percent of all home buyers, a decrease from last year at 35 percent. Sixty-five percent of buyers 37 years and younger were first-time buyers, followed by buyers 38 to 52 years old at 24 percent.
- Eighty-seven percent of all buyers purchased their home through an agent, as did 90 percent of buyers 37 years and younger, and 84 percent of buyers 63 years and older. Nine percent of buyers 72 and older purchased their homes directly from the previous owner.
- The most common type of home purchased continues to be the detached single family home, which made up 83 percent of all homes purchased. It is most common among buyers under 71 years, while buyers over 72 purchase condos and town homes at higher numbers.
Read the full report, 2018 Home Buyer and Seller Generational Trends, here.
Chart from Real Estate Investing Today
Usaj Realty offers a superior level of expertise and service when it comes time to sell your home. We work cooperatively to effectively close on the sale of your property. We love what we do, and are excited to get to work learning about your real estate goals.
There is currently a 39 day inventory supply in Denver, which means that if no new listings go live on the market, all the active properties will sell in just 39 days. With demand so high and supply so low, now is a great time to sell. If we can assist you in any way possible during the home selling journey, please don’t hesitate to contact us!