At the beginning of the 21st century, most homebuyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage.
In 1999, only 37 percent of buyers used the Internet in their home search. Today, 90 percent of buyers search online. Websites have evolved to give today’s buyers what they want – not just property listings, but multiple photos, online videos, mapping features and comprehensive neighborhood information.
Median home values over the past decade have increased more than 25 percent, from $137,600 in November 1999 to $172,600 in November 2009 (the most recent existing-home data available). Fewer people buy detached, single-family homes – 82 percent in 1999 compared to 78 percent in 2009 – but more people buy homes in suburban neighborhoods – 46 percent in 1999 compared to 54 percent today.
Buyers themselves have also changed, and married buyers make up a smaller proportion. In 1999, married couples bought 68 percent of all homes; in 2009, only 60 percent were married. Single men purchased 10 percent of all homes last year, compared to only 7 percent 10 years ago. Single women now represent 21 percent, up from 15 percent in 1999.
Some things haven’t changed. The median age for homebuyers last year was 39, just as it was in 1999. Neighborhood quality, affordability and convenience to work and school still rank as top priorities for buyers; and 80 percent of buyers still believe that owning a home is an investment in their future.
No comments:
Post a Comment