The 2009 Local Profile of Home Buyers and Sellers is now available to MIBOR members. The report is an “oversample” of the nationwide effort that NAR engages in annually. Each year, NAR conducts an extensive survey of individuals who have bought or sold in the last 12 months. In this case, the report includes activity from July 2008 through June 2009. MIBOR then engages NAR to sample a greater number of consumers specifically within our service area in order to develop a study that reveals more about your exact customer here at home. NAR recently made this effort more affordable to associations through its “Right Tools. Right Now. ” campaign.
The central Indiana report is now available for your use. This type of exclusive data is important in gaining a better understanding of your future client base; some findings will confirm what you already know about the marketplace and others may surprise you. We hope this research is of value to you as you continue to strengthen your business in the new year. Some findings include:
- Central Indiana had a slightly lower percentage of first-time buyers than the rest of the country: 44 percent vs. 47 percent nationally
- Age demographics within central Indiana were very similar to those nationally, 29 years old for the average first-time buyers and 48 for a repeat buyer
- Single females make up 22 percent of recent buyers; single men make up nine percent in our area. Back in 2004 – our first oversample – single women made up a full 25 percent of the market
- New construction purchases were the lowest nationwide in eight years. Nationwide new construction purchases were down 18 percent, but even more dramatically here at home down 22 percent
- Here the typical buyer searches for 9.5 weeks and looks at 12 homes. Across the country, it takes slightly longer – 12 weeks and 12 homes
- Here 12 percent of buyers purchased a foreclosure compared to 10 percent nationally
- 42 percent of first-time buyers reported their mortgage process to be “somewhat more” or “more” difficult than expected
- A higher percentage of sellers worked with a REALTOR® here than in the rest of the country – 90 percent here vs. 85 percent nationally
- FSBO sellers are less prevalent in our market – eight percent of the market vs. 11 percent nationally
To access the full local report, click here.