How has Real Estate changed in the past decade?

In the last decade, a lot has changed in the real estate industry from how buyers go through the process to how prices have changed while some things haven’t changed like the median age of buyers, according to the National Association of REALTORS®.

So what's the scoop? Here's what NAR research has shown us:

1. 1999: 37% of buyers searched for a home online. 2009: 90% of buyers searched for a home online.
2. 1999: median home value is $137,600. 2009: median home value is $172,600 (but not that some reports reflect that when accounting for inflation, the value hasn’t changed at all this decade).
3. 1999: 82% of buyers purchased detached, single family homes. 2009: 78% of buyers purchased detached, single family homes.
4. 1999: 46% of buyers choose suburban neighborhoods. 2009: 54% of buyers choose suburban neighborhoods.
5. 1999: 68% of buyers were married couples. 2009: 60% of buyers are married couples.
6. 1999 and 2009: the median age for buyers was 39.
7. 1999 and 2009: “neighborhood quality, affordability, and convenience to work and school have consistently been top priorities.”

It is interesting that the biggest change is that most buyers now search for their home online. This can be through many different websites - some with fantastic, up to date information, others with information that is outdated or simply wrong.

What remains the same? Buyers and sellers benefit from the knowledge and skills of a REALTOR® - someone that knows how to use the information that is available to us to create the best opportunities possible in today's new world.

Who can you think of that needs our help? You know what to do next - put them in touch with us!