What's a New Year without some sort of "top 10" (or in this case, seven) list? This week Inman News posted a list of real estate trends in 2011 that was very interesting. Here's a more condensed version:
1. Have we finally hit bottom? Prices are stabilizing across the country. Though the actual amount of sales is down from peak years this is a step in the right direction.
2. Boomers move to the forefront. With 2010's popular first-time homebuyer tax credit, the median age of buyers dropped. But in 2011, baby boomer purchases far surpassed that of the Gen Y buyers.
3. FSBO successes continue to decline. A decade ago 24% of all home sales were for sale by owner. Now that number is 10%, and of those FSBO sellers 40% knew the homebuyer.
4. More buyers are using agents. 89% of homebuyers in 2011 used a realtor (compared to 69% in 2001). Since realtors make the process easier by sifting through the inventory for time-pressed clients, help their buyers navigate through the sales process and legal documents, and help their buyers get a loan, it makes sense that people wouldn't want to undertake such an important life event unassisted.
5. More cash buyers. Though most buyers had to undergo the process of getting a loan, 13% of 2011 homebuyers paid all cash.
6. More married couples. After a drop in married homebuyers last decade, 2011 saw 64% of homebuyers married (the largest share since 2001).
7. Life changes drive real estate sales. Repeat homebuyers cite the desire for a larger home, a job transfer, or relocating to be closer to family and friends as the primary reason to purchase a home.
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