Are you communicating the way buyers want you to? Are you wasting time and money on your advertising? And what do buyers need your help with the most? The recently released 2016 Profile of Texas Homebuyers and Sellers report has statistics that give you clues to help you answer these questions.
According to the report, the least important agent communications to buyers are blogs, newspaper ads, and social media activity. The most important agent communications to buyers are phone calls and text messages. The top three ways buyers want your assistance are with finding the right home, help negotiating terms or price, and determining what comps are selling for.
Here are some highlights from the report:
- First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent. In Texas, 30 percent were first-time buyers.
- The typical buyer was 44 years old again for the third straight year in a row, and the median household income for 2015 rose again this year to $88,500. In Texas, buyers were 46 years old and have a median income of $94,200.
- Sixty-six percent of recent buyers were married couples, 17 percent were single females, seven percent were single males, and eight percent were unmarried couples. In Texas, 66 percent were married couples, 19 percent were single females, nine percent were single males, and four percent were unmarried couples.
- Buyers of new homes made up 14 percent and buyers of previously owned homes made up 86 percent. In Texas, this share is 23 percent for new homes and 77 percent for previously owned homes.
- For 44 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 17 percent of buyers first contacted a real estate agent. In Texas, 29 percent first contacted a real estate agent.
- Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker, and six percent purchased directly from a builder or builder’s agent. In Texas, 86 percent purchase through a real estate agent
For more highlights and to take a look at the statistics in more detail, click here.