Why should you rely on Research?
As a Realtor®, you cultivate relationships with customers all the time. In striving to be their main point of contact, you need to do more than make a personal connection – You need to be the informed expert and you need to know your customer.
Understand the relevant trends in the industry and be able to discuss the data with your customers. Meet their needs by knowing how your customer’s experience mirrors national and regional trends (or doesn’t). You’ll make more meaningful connections, be more memorable, and be more effective in your business.
The National Association of Realtors® has released the 2022 Profile of Home Buyers and Sellers, which analyzes the demographics, preferences, and experiences of buyers and sellers across the country. The 134-page report has been summarized in an easy-to-read, bulleted 10-page booklet which we have made available for you to download in the Research Section under Resources on www.onekeymlsny.com.
Just the Highlights
You may not have time to read the entire 134-page report, but the bulleted Highlights give an overview of the main statistical findings.
For example, here’s one interesting trend…
- The median distance between the home that buyers purchased and where buyers previously lived was 50 miles, a record high following a median of 15 miles between 2018 and 2021.
- The shares of buyers who purchased homes in both small towns and rural areas were the highest ever recorded. The shares of suburban and urban purchases dropped from 2021.
- According to NAR, the changes in distance and neighborhood setting are attributable to three main factors: the reliance on family support systems, affordability, and remote work considerations which were previously impermanent.
How does knowing this trend inform your business?
Depending on your customer’s needs, you might begin thinking more regionally, less locally, about housing options, searching a wider geographic area for listings than you would have one year ago for the same customer. You could also mention this research-backed trend to your customers, as a way of bolstering their confidence and comfort when considering a wider search radius.
The NAR 2022 Profile of Home Buyers and Sellers Highlight is available for download on our site, alongside other recent, relevant reports.
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