Generally speaking, what are the brokers seeing out there?

The Massachusetts Association of Realtors recently obtained data from the 2008 Massachusetts Profile of Home Buyers and Sellers prepared for it by the National Association of Realtors. It has some interesting information. It reports that 90% of all homebuyers and sellers use the Internet as part of their buying and selling process. They also report that 90% of homebuyers and sellers use a real estate professional. 47% of the homebuyers reported using social networking websites such as Myspace. Among the homebuyers aged 18 to 24, 87% reported using social networking sites up from 50% last year. Not surprisingly, because of high gas prices, 84% of the buyers considered commuting costs very or somewhat important in their choice. Of recent homebuyers only 4% stated that they had wished they had waited to buy. Only 3% of the buyers bought a home that was foreclosed. 35% of the buyers did consider purchasing a foreclosed home but either could not find the right one or the purchase price process was too inhibiting. The median age home buyer in 2008 was 39 years old. 58% of homebuyers were married couples, 18% single females 12% single males at 10% unmarried couples. First-time home buyers accounted for 48% of recent home purchases. When it came to selling, 37% of the home sellers did not reduce their asking price, and ,once the price was established, most homes sold within 95% of the listing price, so accurately pricing for the current market remains a key element of success.

If you have questions about this or any other real estate matter, please contact Tom Bennett at (617) 531-6574 or tvb@barronstad.com.