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Breaking it Down!
I'm sitting at my desk and my left knee hurts, my right foot is throbbing, and my reading vision took a turn for the worse after my recent cataract surgery. But there is good news. My people, the Baby Boomers, are leading the nation in home buying and selling! Today the Baby Boomers are between 60 - 78 years old, born from 1946 – 1964 (I'm 1963).
This NAR report has 131 pages of comprehensive real estate information and trends taken from surveys of transactions from July 2023 through June 2024. There are 7 chapters in the survey covering all aspects of real estate transactions, age groups, marketing, types of homes, why they sold, why they bought, how they found their agent, etc.
Chapter 3 of the report is entitled "The Home Search Process". It probably doesn't surprise you but looking online as the first step taken by buyers in 2024 lead the pack at 43%, vs. 21% who contacted a real estate agent first. Tied for 3rd place as the first step were both about gathering information about the home buying process, either looking online or talking with a friend or relative. As far as information sources used in the home search, 86% of buyers relied upon information from a real estate agent (YAY!!). Where do you think most buyers found the home they purchased? You guessed it…51% found it on the internet and 29% of the homes were found by a real estate agent. I found the following statistic fascinating…only 4% found the home they ultimately purchased by seeing a yard or open house sign. 55% of buyers stated that the hardest step of the process was finding the right property.
Do you need any reassurance that good pictures and detailed information need to be in your MLS listings? 83% of all buyers stated that photos were very useful, and 79% stated that detailed information was very useful. These categories were way ahead of the 3rd place floor plans. Good news, 47% of buyers said that real estate agent contact information was very useful.
We should all read Chapter 4, "Home Buying and Real Estate Professionals". 40% of buyers found their real estate agent referred by a friend, neighbor or relative, while only 17% used the agent previously to buy or sell a home. Answer your phone…it leads the way in first contact with the agent…and 75% only interviewed 1 agent. And do a good job, 20% of buyers recommended their agent 4 or more times!
Chapter 6 shows that 90% of home sellers used an agent or broker and 88% were very satisfied with the selling process.
Chapter 7 says that 38% of home sellers were referred to the agent by a friend, neighbor, or relative, and 28% used the agent previously to buy or sell. That means that 66% of the listed homes chose agents because of their previous performance. 3% visited an open house and met the agent, 2% saw agent information on a sign or open house, and 4% found the agent through a website. There are other categories as well, but most was from previous business or a referral. Stay in touch with your sphere!!! And I should add that only 4% of sellers chose their agent because of the commission.
Even better than the referrals from buyers, 25% of sellers recommended their agent 4 or more times.
I only covered a fraction of the information in the report. I'm posting the link for you again here: National Association of Realtors' 2025 Home Buyers and Sellers Generational Trends Report. This report will help you focus on all aspects of your business and what the consumer is looking for. Just because some marketing seems flashy or unique, doesn't mean that it is important to the consumer. The consumer wants us to do our job, and do it well. And they will reward you with referrals!
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