Overview of The Real Estate Market

Overview of the Real Estate Market

There are approximately 115 million occupied housing units in the United States, according to the 2013 American Housing Survey. The typical owner-occupied home was built in 1976; the typical renter-occupied home was built in 1973. The typical home size is 1,500 square feet. The typical home owner is 55 years old, and has lived in the current home for 14 years.
In 2013, 65.2 % of families owned their primary residence, according to the Federal Reserve’s Survey of Consumer Finances.
4,940,000 existing homeswere sold in 2014, according to data from the National Association of REALTORS®. 437,000 newly constructed homes were sold in 2014, according to the U.S. Census Bureau.

27% of agents and 21% of brokers spent between $501 – $2,000 on technology in the last 12 months. At Diamond Homes Realty we spend $1,500 to $2,000 a month on average to ensure our clients’ listings get the most exposure, sell for top dollar and in the least amount of time.
The top three tools that respondents plan on purchasing or replacing in the next year are: iPad (16%); Smartphone (15%); and digital camera (12%).
The most frequently used operating system is Windows 7 (38%).
The most popular smartphones are iPhone (52%), Android OS (45%), Blackberry (3%).
91% of REALTORS® use social media to some extent.
The top places where REALTORS® place their listings are Realtor.com®, Zillow and Trulia. Our marketing strategy includes these as well as Facebook, Twitter, Instagram, Linked-In, Google+, Blogspot, HAR, not to mention, 100’s of national home websites.

First-Time vs. Repeat Buyers:
- First-time buyers: 32%
- Median age of first-time buyers: 31
- Median age of repeat buyers: 53
- Median household income of first-time buyers: $69,400
- Median household income of repeat buyers: $98,700
The typical home purchased in 2014 was 1,900 square feet in size, was built in 1991, and had three bedrooms and two bathrooms.
Among those who financed their home purchase, buyers typically financed 90% of the home price.
87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
Buyers who definitely would use same agent again: 72%
Information sources used in home search:
Real estate agent: 87%
Yard sign: 51%
Mobile of tablet website or application: 57%
Open house: 48%
Mobile or tablet search engine: 54%
Print newspaper advertisement: 20%

78% of home buyers surveyed in NAR’s 2013 Community Preference Surveyresponded that neighborhood quality is more important than the size of the home. 57% would forego a home with a larger yard in favor of a shorter commute.
NAR’s 2013 Profile of Buyers’ Home Feature Preferencesfound that the feature that had the highest dollar value buyers were willing to pay more for was a waterfront property. 53% of home buyers undertook a home improvement project within 3 months of buying, typically spending $4,550 in improvement projects.

The typical home seller in 2013 was 54 years of age, had a median household income of $104,100, and lived in their home for 9 years.
89% of sellers were assisted by a real estate agent when selling their home.
Recent sellers typically sold their homes for 98% of the listing price, and 43% reported reducing the asking price at least once. Our listings sell for 100.78% over list price and 18 days on average.
The typical home sold was on the market for 4 weeks.

42% of sellers who used a real estate agent found their agents through a referral by friends or family, and 24% used the agent they previously worked with to buy or sell a home. We love your referrals and are highly recommended by our client’s to their friends and family!
Sellers who definitely would use same agent again: 67% Read our client Testimonials Here

FSBO-v-REALTOR

FSBOs accounted for 8% of home sales in 2014. The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales. A big reason to used a qualified professional!
FSBO methods used to market home:
- Yard sign: 42%
- Friends, relatives, or neighbors: 32%
- Online classified advertisements: 14%
- Open house: 14%
- For-sale-by-owner websites: 15%
- Social networking websites (e.g. Facebook, Twitter, etc.): 15%
- Multiple Listing Service (MLS) website: 10%
- Print newspaper advertisement: 3%
- Direct mail (flyers, postcards, etc.): 3%
- Video: 2%
- Other: 1%
- None: Did not actively market home: 25% You can’t afford to NOT market your home!
Most difficult tasks for FSBO sellers:
Understanding and performing paperwork: 12%
Getting the right price: 6%
Preparing/fixing up home for sale: 6%
Selling within the planned length of time: 18%
Having enough time to devote to all aspects of the sale: 6%
89% of FSBO end up listing with a real estate agent