Welcome to Friday! This week I attended the wrap up session for our 2018 Windermere Leadership Series for 2018. Always striving to be a better leader for you and for our company. This final session was hosted by Matthew Ferrara – no stranger to our stage these days – of most recent – our keynote at Symposium in Palm Springs this past October.
The focus this week was an Innovation Workshop. We looked at big data (macro), looked at little data (micro), industry research and the power of turning analysis into strategy. Today’s sweep will focus on these three topics – in the form of a fun + insightful quiz!
Grab pen + paper. Anything you have convenient to you – make it easy. And spend the next few moments answering the below questions. Yes, I promise the answers are available within this blog post! That said, don’t cheat and let’s see how you do! Ps, the goal of this quiz isn’t to necessarily get the answers right – instead, we are together picking apart the National Association of REALTORS 2018 Profile of Buyers an Sellers. If we do this well – if we look at this “industry research” with insightful eye my gut tells me you too could take such analysis and turn into your strategy as we head into 2019. Yup, I’m still on the business planning track…
Do you have your writing utensil and paper of choice ready? Good, let’s go…
INDUSTRY RESEARCH UPDATE: According to the National Association of REALTORS 2018 Profile or Buyers (next week we’ll look at Sellers):
The average buyer is _____ years old?
The average first-time home buyer is _____ years old?
______% of buyers are married, _____% are single females, and _____% are single males.
The average distance a buyer moved in 2017 was _____ miles from their previous home.
The typical buyer expected to remain in their new home on average of _____ years.
_____% of buyers worked with a real estate broker.
_____% of buyers chose their agent from a friend or family member.
_____% of buyers used the same agent as they previously worked with.
_____% of buyers interviewed only 1 agent.
_____% of buyers were “satisfied or very satisfied” with the home buying process.
Foreign buyers purchased $_____ in US Residential Property last year, comprising a total of _____ properties.
The average price of a property purchased by foreign buyers was $_____.
The top 5 countries that purchased in the U.S. until _____, _____, _____, _____, _____.
_____% of foreign buyers purchased the property as a primary residence.
Challenge: What data (big or small) from the National Association of REALTORS 2018 Profile of Buyers and Sellers could become strategy for you? Considering adding that to your 2019 business plan!
[As promised, answers below – scroll on down…]
When computing time for purchase and sale agreements, please regard this Monday, November 12th as a legal holiday.
The answer is!…
The average buyer is 46 years old?
The average first-time home buyer is 32 years old?
63% of buyers are married, 18% are single females, and 9% are single males.
The average distance a buyer moved in 2017 was 15 miles from their previous home.
The typical buyer expected to remain in their new home on average of 15 years.
87% of buyers worked with a real estate broker.
41% of buyers chose their agent from a friend or family member.
12% of buyers used the same agent as they previously worked with.
67% of buyers interviewed only 1 agent.
92% of buyers were “satisfied or very satisfied” with the home buying process.
Foreign buyers purchased $121 Billion in US Residential Property last year, comprising a total of 266,800 properties.
The average price of a property purchased by foreign buyers was $454,400.
The top five countries that purchased in the United States until China, Canada, UK, India and Mexico
52% of foreign buyers purchased the property as a primary residence.
4 thoughts on “It’s Friday, let’s sweep! | turning analysis into strategy”
I think when I started 28 years ago, the average buyer stayed in their home between 5-7 years. Contingent offers were normal. These stats are fascinating. I think knowing our numbers are key! As humans we tend to believe what we want to believe. Hard facts are a true gut check and a imperative starting point for business planning. Thank you for sharing!
Many of us have kept that 7 year data point in our minds throughout the years! Important to know our numbers and boy have they changed! Thanks for the comments Diane, helpful to see what insights stick with people from blogging…
Will share the Seller trends next Friday! Another quick to follow!
Appreciate you. Laura
Thank you for sharing these key stats with us – some of the answers surprised me! Just in time for the Business Planning classes coming up, and also great talking points with our sphere.
Excellent! October stats now available too – http://www.windermerestats.com > text me if you need password – 206.227.7133