December 30, 2011:
FACTS FROM THE NATIONAL ASSOCIATION OF REALTORS (NAR):
- Moody’s July 2011 forecast predicts a return to positive home price growth of 1.21% in FY 2012 and peaking at 6.08% in FY 2014 and between 3-4% in FY 2018 and beyond.
- FHA insured 60% of all African-American and Hispanic homeowners in 2010.
- FHA insured 56% of all first-time homebuyers in 2010, according to NAR.
- FHA borrowers in FY 2011 have an average credit score above 700. This is the first time the average credit score for FHA borrowers broke the 700 mark.
FROM NAR’S 2011 PROFILE OF HOME BUYERS AND SELLERS:
- The first step in looking for a home was online for 35% of buyers. Use of the Internet dropped for 89% last year to 88% this year.
- 87% of buyers used real estate agents, 55% used yard signs, 45% used open houses, 30% used print newspapers
- 40% of buyers found their home on the Internet, 35% through a real estate agent, 11% through a yard or open house sign.
- 41% found their agent through a referral from friend or family. 9% found their agent online. Only 9% used the same agent they had used before.
- The time period buyers estimated that they would live in their homes increased to 15 years from 10 years in 2010.
- Married couples were 64% of all buyers. First time buyers dropped to 37%