Twin Cities Real Estate News

Sellers: Think about the statistics in the report below. Are you marketing your home correctly given the data below? If you’re not, then you’d better think twice. The data below is comprehensive and tells you who the buyers are in today’s market. Do you see what it doesn’t say? It doesn’t say they read the newspaper or go to open houses. That’s what our generation of buyers and sellers did-before the internet. This is why you need an updated internet based marketing campaign. You may be best served to select an agent who is in tune with these statistics.

MNAR has Minnesota home buyer characteristics from NAR report
The last section of the Minnesota Association of REALTORS® (MNAR) Resource Update highlights information specific to Minnesota that was generated from NAR’s Home Buyer and Home Seller Survey.

The data was collected by NAR as part of their annual profile. NAR received 9,966 responses nationally, and an additional 441 in Minnesota.

Some characteristics of Minnesota home buyers:

Median age of all home buyers was 36 years old. For first-time buyers, the median age was 28.
Household income of home buyers was $69,300.
69 percent of home buyers said there were no children under 18 residing in the property.
56 percent of home buyers were married couples, 24 percent single females, 11 percent single males and 9 percent were unmarried couples.
6 percent of home buyers were born outside of the U.S., compared with 9 percent nationally.
First-time home buyers accounted for 42 percent of homes purchased in 2007.
66 percent of first-time home buyers were between 25 and 34 years old.
30 percent of buyers use social networking websites (e.g., Myspace, Facebook, Linkedin).
Among home buyers aged 18 to 24, 59 percent reported using social networking sites.
19 percent of homes purchased were new construction.
64 percent of homes purchased were detached single-family.
The typical home buyer purchased a home 14 miles from their previous residence.
The median price of homes purchased was $221,900 compared to $215,000 in the U.S.
The typical buyer purchased a home that was 1,850 square feet in size.
Recent homebuyers plan to live in their home a median of 10 years.
Source: Minnesota Association of REALTORS®

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