If data is the currency of the new economy, then the National Association of REALTORS® is flush with it, based on the recent release of the National Association of REALTORS® Profile of Home Buyers and Sellers 2012. This annual survey of more than 5,700 respondents offers us ample information about home buyers, and enables us to draw some conclusions about what they’re looking for in a home. Knowing the big picture trends makes us more attuned to market and home buyer behavior, and better able to meet home buyers’ needs. Here’s some of what I learned:
What matters most? The quality of the neighborhood, convenience to job, and overall affordability of homes are the top three factors influencing neighborhood choice – the same factors as the last two years. Overall, only 25 percent of survey respondents chose neighborhood based on the quality of the schools (down slightly from 27 percent). But, among families with children under 18 residing in the home, 46 percent choose based on school district quality, down from 55 percent last year, and 61 percent prioritize the quality of the neighborhood, down from 72 percent last year.
Tip: REALTORS® with their ABR® designation can take advantage of the Consumer One-Sheet “What Do You Want and Need in a Home?” when working with clients to pinpoint their priorities.