The National Association of Realtors, NAR’s Profile of Home Buyers and Sellers is out and the data shows much has changed over the last 10 years. Median home prices have increase 25% from $137,600 in 1999 to $172,600 in 2009.
Fewer people are buying single family homes — 78% in 2009 compared to 82% in 1999. More than half the buyers (54%) bought a home in a suburban neighborhood compared to 46% 10 years ago.
A majority of last years buyers (90%) began their search for a home online last year compared to 37% in 1999. In 1999 the three top marketing methods were yard signs, newspaper ads and open houses. What a difference a decade makes. I couldn’t begin to tell you the last time I had a call from a newspaper ad. Of course in all fairness, I haven’t run and ad in a while.
Despite changes, many things remain the same. The median age for homebuyers in 2009 was 39 — same as 1999. Neighborhood quality, affordability and convenience to work and school are still top considerations for buyers, while 80 percent of buyers still believe that owning a home is an investment in their future.