The National Association of Realtors has published their 2008 Profile of Home Buyers and Sellers. The results were based upon questionnaire responses received from 10,053 home buyers and sellers from July 2007 – June 2008, in a national survey. I came across the list from Matthew Rathbun over at Agent Genius. Here are a few of the highlights:

1. An increase in the number of first time home buyers – this should have been easy to predict with home prices falling and better affordability, people chose to own rather than rent.
2. Buyers searched 10 homes over a median 10 week period before making a purchase – indicative of a buyers market. There is no reason to rush and buyers have the luxury of time on their side.
3. Environmentally friendly features were of importance to 90% of home buyers – many Pasadena homes due to their age are devoid of energy saving or “green” features. We will be showcasing the construction progress of the Pasadena Eco House and all of the new cost saving green components. Stay tuned for money saving tips and adding value to your home.
4. 42% of home sellers offered incentives to attract buyers – everyone loves a value. Has your home been sitting unsold for a couple of months? You might consider paying closing costs or paying a point of the buyer’s mortgage fees. Do something extra to call attention to your house.
5. On a National level, homes sold at a cost of approximately 96% of the listing price. This also is very close to what the Pasadena real estate market has been experiencing. Even though prices vary widely across the country, selling times are very similar.
6. 87% of the Buyer’s used the internet in their search – If your home is for sale, see if you can find it on the internet. If you can’t, I will bet most Buyer’s can’t either. Look to see how many pictures are displayed and if the descriptive copy would make you want to buy the home. If it doesn’t then you need to have a heart to heart talk with your agent. Have your agent send you the MLS copy of your listing.
7. Most buyers start their search online and then contact an agent – we live in an online world. Does your agent have your home listed on 5-10 internet sites? Local metropolitan MLS sites were the most popular, followed by Realtor.com, real estate company sites and then real estate agent websites.
8. 13% of home sellers did not know that the commissions and fees paid were negotiable – You will hear excuses such as “You get what you pay for”, “If they will do it for less, will you receive the best representation”?, “In a slower market you need to offer a higher commission to get your house sold”. This is simply just not true. You need to talk to at least three agents. Compare price paid vs. service received. The 6% commission serves one point…..an opening for negotiation.
9. 85% of buyers used a real estate agent in their search process – Since the seller usually pays the real estate agents, why wouldn’t you want to use an agent? Someone familiar with the area, the transaction process, a frequent negotiator and professional advice throughout the escrow, makes sense to me. A Pasadena real estate agent can simplify your process.
10. Almost 90% of buyers and sellers would “definitely or probably” use the same agent again or refer to them – this speaks well of our industry knowing that our customers enjoy such a high satisfaction rate and that agents do provide an excellent service.

This may not be of importance to you unless you are looking to buy or sell real estate in Pasadena. You owe it to yourself to work with someone who understand the process and will prioritize your needs. Call Doug or Deena at 626-432-4625, or email us. We will look forward to representing you!