Realtors absolutely love data. Ask any of us.
Neighborhood reports, comparative market analysis, market statistics – we can produce those in the blink of an eye.
Data is how we measure where we’ve been and helps us look forward to where we might be heading. Looking at the recent past, people with even a basic understanding of the real estate market are aware that the last 12-18 months have been a challenge at times.
Inflation, and as a result rising mortgage interest rates, have thrown a curve ball for people looking to purchase and sell property, not to mention those of us who assist in real estate transactions.
A few weeks ago, the National Association of Realtors released one of its most-anticipated reports of the year: the 2023 Profile of Home Buyers and Sellers. The report covers real estate transactions over the past year (July 2022 through June 2023) and gathers some really interesting data points.
Here are some key takeaways I found from the report:
• The median household income for homebuyers jumped to $107,000 from $88,000 from the previous year. This shows how the entry into homeownership has increased this past year.
• First-time homebuyers made up 32% of all homebuyers, up from last year’s historic low of 26%, but still below the average of 38% since 1981.
• The typical down payments for first-time buyers (8%) and repeat buyers (19%) were the highest since 1997 and 2005, respectively.
• 70% of recent buyers did not have a child under the age of 18 in their home – the highest share recorded. By comparison, in 1985, 42% of households did not have a child younger than 18.
This report clearly has a lot of data, but what does it all mean? What can the general public use in their lives?
I think this data point is most crucial: 89% of both buyers and sellers used a Realtor, up from 86% and 87% in the last two years.
This statistic shows that even in times when the market is shifting, the need for a trusted expert is crucial. Our knowledge can guide clients through the ups and downs of our housing market and help them get the most out of their investment. That’s Who We R.
Founded in 1912, Greater Chattanooga Realtors is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga Realtors serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. The association is one of approximately 1,100 local associations and board of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a multiple listing service that is one of approximately 600 MLSs in the country and that services more than 3,000 users. Local association membership consists of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines, including appraisal, commercial, industrial, land, multifamily, property management and residential. Affiliate members who represent related industries in sympathy with the objectives of the association work alongside our Realtors. Our affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.