Homebuyers more likely to use real estate agents

January 3, 2014

in Real Estate Report, Vancouver real estate

The reference below is recent survey done by National Association of Realtors in the US.

NAR’s 2013 Profile of Home Buyers and Sellers includes survey responses from 8,767 people who purchased a home between July 2012 and June 2013. Read the report here.

Here are some interesting data from the survey:

  • For those who purchased a home during that time period, 92% used the Internet to search for a home, up from 90 percent in last year’s survey and 71 percent in 2003.
  • 89% of homebuyers use online websites to search for homes
  • those using agents for their search ranked as high with 89% participation

Richmond River Green condosHow important are real estate agents?

  • 67% of respondents considered online websites “very important” as information sources in their home search
  • 68% said real estate agents were “very important.”
  • Nearly equal shares, 81% and 78%, respectively, said online websites and real estate agents were “very important” in terms of usefulness.

The survey found that homebuyers were more likely to use multiple listing service websites when searching for homes than any other source of online information, including third-party listing sites and mobile apps.  Read the full article here.

The survey revealed an interesting finding, that:

Among buyer respondents overall, 88% purchased their home through a real estate agent, but among those who used the Internet to search for homes that share goes up to 90%. Only 69% of those who did not use the Internet to search bought through an agent.

Among both buyers and sellers, the most common way they found their real estate agent was through a referral from a friend, neighbor or family member: 42 percent and 39 percent, respectively.

How homebuyers rate their agents’ services

When comparing the various services provided by their agents, homebuyers ranked the following services that matter to them most:

  • Helping them find the right property – 53%
  • Help negotiating terms of sale – 12%
  • Help with price negotiations – 11%
  • Help identifying comparable properties – 8%
  • Help with paperwork – 7%
  • Advice on how much home they could afford – 3%
  • Helping arrange financing – 3%
  • Providing information about a neighborhood – 1%

Factors affecting where buyers are buying

Location and neighborhood quality accounted for 63%  by buyers, followed by commute-to-work convenience at 48%. Affordability of homes accounted for 40% and proximity to family and friends was slightly behind at 38%.

Although no such survey was done in Vancouver, or nationally in Canada, the response from Canadian homebuyers might not differ a great deal from homebuyers in the US.

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