It’s the first quarter of 2013 and there is likely to be as many homes listed during this time of year than any other quarter. Often, as discussed in an earlier blog post, home sellers feel that they should wait until the second quarter to list.
Certainly, based on early activity that we’ve seen, there is no reason to wait as buyers are out in droves. As many as forty groups of people attended one of our open houses this weekend.
Paradigm Shift
Yet there is an even larger paradigm shift that sellers need to make in order to generate the most buyers and highest price for their home. The National Association of Realtors’ 2012 Home Buyer survey substantiates this point. Eighty-six percent of home buyers in 2012 first learned of the availability of the house that they purchased from as little as three separate sources. It certainly simplifies the areas of focus that you should demand from your Realtor.
The Internet
Forty-two percent of those surveyed first discovered the home that they bought via the Internet. Just five years previous, in 2007, this number was at 24%, eighteen percent lower. Meanwhile, print advertising dropped from 7% to less than 2% over that same time period.
Realtors
Of those surveyed, 34% said that they first learned of their home’s availability from a Realtor. This number was relatively stable compared to 2007 when the response was 36% .
For Sale Sign
Many home sellers, especially those who own homes on streets without a lot of traffic, generally don’t believe that a For Sale Sign generates much business. On the contrary, 10% of the respondents indicated that they first learned of their home by driving past the For Sale Sign. Although down from 15% in 2007, it remains a significant source of business. Even on cul-de-sacs, which tend to have less traffic, you may find a buyer from this venue. It’s not unusual for a buyer to see the sign while visiting a friend.
Proximity
One other piece of information that is significant is the proximity of the buyer. Fifty-percent who responded to the survey stated that they moved from out of town.
It is clear that they days of relying on selling your home via the local newspaper are over. A Realtor who sells you on the size of the photo of your home and the impact of print advertising is selling your short. It’s time for home sellers to take note and alter their paradigm.
Have you recently sold your home? How did the buyer hear about it?
Where did the buyer come from?
Expand your mind, increase your business and receive your dose of “The Daily Tonic” every M-F. It’s always brief, informational and thought provoking.
