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Know Your Buyers and Sellers
| Jun 30, 2014
The Massachusetts oversampling report of the 2013 NAR Profile of Home Buyers and Sellers provides insights into today’s consumers that can help REALTORS® improve listing strategies and entice buyers by understanding their demographic and home buying needs. Highlights from the report are as follows:
- New home purchases drag at a share of 13% of all recent home purchases in Mass.
- The typical home purchased was 1,700 square feet, built in 1971, and had three bedrooms and two bathrooms.
- When considering the purchase of a home, heating and cooling costs were at least somewhat important to 89% of buyers in Mass.
- The use of the Internet in the home search rose slightly to 92% nationally and 95% in Mass.
- Real estate agents were viewed as a useful information source by 98% in Mass.
- In Mass., 93% of buyers were satisfied with the process.
Financing the Purchase
- 25% of Mass. buyers reported the mortgage application and approval process was somewhat more difficult than expected.
- In Mass., 50% reported student loans, 32% credit card debt and 29% car loans as getting in the way.
- In Mass., the typical seller lived in their home for eight years.
- 15% of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.
Use of a Real Estate Professional
- 51% were first-time buyers in Mass., compared to 38% nationally.
- In Mass., the typical buyer was 36 years old, while the typical first-time buyer was
32 and the typical repeat buyer was 49.
- 65% of recent home buyers were married couples.
- 94% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69% in 2001.
- Two-thirds of home sellers only contacted one agent before selecting the one to
assist with their home sale.
- In Mass., 87% of sellers reported they would definitely or probably use the agent again.
For the full report, click here.