National Association of Realtors 2020 profile of home buyers and sellers

Who were the homebuyers and sellers in 2020?

To be effective and successful in real estate sales, you not only have to know your numbers, but you also have to know who the buyers and sellers are. Each year the National Association of Realtors publishes a study compiled of actual buyers and sellers of real estate in the previous year. It’s called the “Profile of Home Buyers and Sellers.” By studying and analyzing this beneficial data, we can formulate game plans to best serve them. The 2020 study is 180 pages long and filled with useful data for Realtors. Ann and I get a copy of this report annually and use the data in our marketing and for our own knowledge.

National Association of Realtors 2020 profile of home buyers and sellers

Here’s a partial list of the Table of Contents

CONTENTS
Introduction………………………………………………………………………………………………..5
Highlights…………………………………………………………………………………………………….7
Chapter 1: Characteristics of Home Buyers…………………………………. 11
Chapter 2: Characteristics of Homes Purchased……………………… 31
Chapter 3: The Home Search Process………………………………………….. 55
Chapter 4: Home Buying and Real Estate Professionals………71
Chapter 5: Financing the Home Purchase…………………………………87
Chapter 6: Home Sellers and Their Selling Experience………. 101
Chapter 7: Home Selling and Real Estate Professionals……. 127
Chapter 8: For-Sale-by-Owner (FSBO) Sellers………………………….137
Chapter 9: Home Buyers Before and During COVID-19……..149
Chapter 10: Home Sellers Before and During COVID-19…….. 161

I always find Chapter 2 interesting. It deals with the characteristics of homes bought and the reasons buyers chose them.

When choosing to purchase either a new or previously-owned home, buyers typically choose for specific reasons. Its important to get a home inspection before you list your house for sale

For example, buyers of new homes typically were looking to avoid renovations or plumbing and electrical problems and have the ability to choose and customize design features. Buyers of previously-owned homes were looking for a better price and overall value in a home. We would use this data to advise potential sellers of resale or previously-owned homes to ensure there are no plumbing or electrical issues. We can see that there are two reasons buyers choose new homes over previously-owned ones. We always recommend to sellers that they get their own home inspection done before the house goes on the market to identify and correct items like this before becoming an issue and possible impediment to the sale.

Chapters 9 and 10 dealt with buyers and sellers during the COVID Pandemic.

One reason for the lack of inventory was that many potential sellers are afraid of having large numbers of strangers into their homes because of COVID fears. Realtors came up with many unique and new ways to overcome these fears. One technique was our “Virtual Home Selling Program, which was designed to expose a listing to as many potential buyers as possible without them physically being in the house.

This is a very brief summary of the 2020 Profile of Home Buyers and Sellers.

We are happy to provide you any of the information contained and also talk with you about either selling a home or buying one.

Paula and John happy new homeowners

We can put you in this picture of these two happy, new homeowners, we know the numbers, and we know how to get it done for you. So give us a call or email, and let’s talk.

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