Real Estate Information Archive

Each year the National Association of Realtors conducts and extensive study about consumer trends related to real estate.  Test your knowledge and see how the typical American buyer and seller navigated their real estate transaction. Here's a little quiz from the 2006 survey.

1. The median age of all buyers was ____.

2. The median age of first-time buyers was____.

3. The percentage of married buyers _____. Single buyers____.

4. The typical home search took _____ weeks.

5. The typical home purchase was slightly larger than _____ square feet.

6. ____ out of five homes sold were new construction.

7. The percentage of single family homes purchased was _____.

8.  The percentage of buyers using a real estate agent during their search was _____?

9.  The typical seller owned their home for _____ years.

10. The average move up buyer spent _____ % more on their next home.

-------------------------Below are the answers-------------------------

1. The median age of all buyers was 41 years old.

2. The median age of first-time buyers was 32 years old.

3. The percentage of married buyers 61% versus single buyers 39%.

4. The typical home search took 8 weeks.

5. The typical home purchase was slightly larger than 1800 square feet.

6. One out of five homes sold were new construction.

7. The percentage of single family homes purchased was 75%.

8.  The percentage of buyers using a real estate agent during their search was 85%?

9.  The typical seller owned their home for 6 years.

10. The average move up buyer spent 40% more on their next home.

Why are these pieces of information useful? When counseling buyers and sellers on their long-term real estate plans they'll be able to make informed decision about mortgages, size, space neighborhood, budget, amenities. This was just a snapshot of the 50+ page survey.  This should be required reading for all full-time, professional Realtors.

Our team has been hosting first time home buyer seminars for years. So we've put a twist on the buyer seminars.  We've had many questions and increased interest in how to buy a foreclosure, REO, short sale, vacant type property. With nearly 1 out of 4/5 homes on the market falling into this category we've had plenty of experience in the foreclosure arena.  Many of which are new construction or need minimal work to bring them back up to par. There are also the properties that have signs posted notifying anyone entering that the copper has already been removed! From the $20,000 mega fixer upper to the former model home, there are plenty of deals to be had in todays dynamic real estate market!

If you are interested in attending our next FREE class on  The Ins & Outs of Buying a Foreclosure.  You can register on-line at www.ForeclosureHomeFinder.com or call our office to ensure a seat...651-777-3434.

Topic that will be covered include;

• The foreclosure time-line
• How to find foreclosures, short sales, REO or vacant/abandoned properties
• The best financing options
• Understanding buyers rights to inspection and "as is"
• Special bank contracts
• Best negotiating strategies

Hope to see you there!

WOW - eventhough this was published in 2005, most of the programs are still around.

http://www.mplsrealtor.com/segments/Realtors/HOC_May05_Complete_Matrix.pdf

 A large portion of our Smith Team business is a result of working with first-time homebuyers. We are the exclusive partners in hosting first-time buyer seminars with the Wells Fargo Roseville, MN branch.  To register for one of our seminars click www.1stHomeWorkshop.com

Have a great Holiday!

The Smiths