HAR 2007 Survey of Home Sellers & Buyers

The Houston Association of Realtors (HAR) recently released their 2007 Survey of Home Sellers and Buyers.

The 89-page report profiled people who recently completed real estate transactions in the Houston TX area.

Highlights included:

CHARACTERISTICS OF HOMES SELLERS AND SOLD HOMES

• The median age of sellers is 54, and 29% were over 60 years of age.
• 59% of sellers had lived in the Houston area for at least 20 years.
• 62% has at least a college degree.
• 92% were selling single-family detached homes.
• 31% of sellers had just sold a home for the first time.
• 71% of sellers said they used the Multiple Listing Service in selling their home.
• 72% of sellers used a Realtor to sell their home.
• Most found their Realtor either by referral from friends, neighbors, or coworkers (44%) or they selected one they knew or had used before.
• The most important thing sellers wanted from their Realtor were help in finding a buyer (30%), help in selling in a specific time frame (22%), help in pricing the home competitively (14%), and help in paperwork, inspections and closing (12%).
• 75% of sellers said they were “very satisfied” with their Realtor; 83% of those who used a Realtor said they would do so again.
• 79% said it would be beneficial if they could have seen how their Realtor had been rated by previous home sellers and buyers.
• 65% of sellers said the Internet was used to market their home and 43% said the Internet was an “important part” of selling their home.
• 78% of sellers who used the Internet used it to post detailed property information and 69% posted photos of their home.

 CHARACTERISTICS OF HOME BUYERS & HOMES BOUGHT

• 30% of home buyers in has lived in the Houston area 10 years or less.
• 33% of buyers were under 40, and 59% were under 50 years of age.
• 63% of buyers had at least a college education.
• 48% of home buyers were first time purchasers.
• 79% of buyers said the “quality of the neighborhood” was very important is deciding where to buy, followed by quality of schools (60%), convenience to their job (53%) and convenience to family and friends (51%).
• Buyers most often used Realtors in their home search, followed by the Internet (36%).
• Realtors were the most useful search method to Buyers (51%), followed by the Internet (48%).
• The most important factors in choosing a Realtor were their knowledge of the market area (23%), referral from a friend/neighbor/coworker (33%), and their reputation (16%).
• The single thing buyers most wanted from their Realtors was help in finding the right home to purchase (30%), help in negotiating price and terms (20%), and help with paperwork, inspections, and closing (15%).
• 77% of buyers said who used a Realtor were “very satisfied” with them, and 18% said they were “somewhat satisfied.”
• 89% of buyers would use a Realtor again
• 42% home buyers said they used the Internet as an important part of buying their home.
• 75% of Internet users searched online to learn about home prices, 71% for photos of homes, and 68% for detailed property information.

Click here to download the Full 2007 Home Buyer Report (note, the file is a .pdf document that is 5.4MB, so it may take a while to download)


With the recent turmoil in the housing markets, it's likely that 2008 will present a different picture that 2007.  The data suggests that the Houston real estate market and the texas job market are very closely tied together, and the Houston job market is doing well.  However in some price points (mostly homes under the $150,000 in the suburbs) the mortgage turmoil is starting to take effect.

There was also a great post on the mortgage turmoil at Jason's http://www.texasrainmaker.com/ blog.  Please let me know if you've found other good blog posting on the Houston market.  Thanks!