Survey Shows Movement in the 2007 Real Estate Market
Edison, NJ – According to the 2007 Profile of New Jersey Home Buyers and Sellers, home sales in New Jersey were healthy last year. The survey conducted by the NATIONAL ASSOCIATION of REALTORS® (NAR) on behalf of the New Jersey Association of REALTORS® (NJAR®) found that the typical home was only on the market for 10 weeks and sellers typically sold their homes for 97 percent of the listing price, while 37 percent of people did not reduce their asking price before their home was sold.
“Even though the housing market is in transition, this survey clearly indicates that there was still movement in the market last year,” said 2008 NJAR® President Drew Fishman, CRS. “Every market is different but for the most part home sales throughout New Jersey are stable and right now is an excellent time to buy. If people are looking to build their long-term wealth they should consider purchasing a home today because there are high inventories of homes for sale and very favorable interest rates.”
The report also shows that consumers have come to depend on the expertise of real estate agents to guide them through real estate transactions. The survey found that 76 percent of home buyers used a real estate agent or broker to purchase their home and 89 percent of sellers were assisted by an agent or broker during the sales process.
“Buying or selling a home is often one of the most important financial decisions a person makes in his or her lifetime,” Fishman said. “This survey is evidence that the majority of consumers find the services offered by real estate agents to be invaluable. People have come to depend on agents to help navigate them through real estate transactions.”
The report found that more than 9 out of 10 buyers ranked honesty and integrity as a “very important” factor in choosing a real estate professional to assist them. When asked about their agent’s performance on qualities they viewed as important, 85 percent of buyers reported they were “very satisfied.” Reputation was the most important factor for sellers when selecting an agent (27 percent)
“The survey indicates that real estate professionals in New Jersey are providing high levels of service to meet the demands of their clients,” added Fishman. “In fact, a majority of buyers and sellers reported that they would definitely work with their agent again.””
The report showed that 66 percent of recent buyers would definitely use their agent again, and an additional 20 percent would probably use their agent again or recommend him/her to others. Among sellers, 62 percent would definitely use the same real estate agent for another transaction. Furthermore, nearly 6 out of 10 sellers reported that they were very satisfied with the selling process.
Additionally, the survey found that the typical home buyer searched for a home for a median of 12 weeks and saw a median of 12 homes. The typical home seller owned their home for 7 years and a majority of sellers traded up to a larger home when purchasing their next home (52 percent).
The data in the 2007 New Jersey Profile of Home Buyers and Sellers is based on the responses of 257 New Jersey consumers drawn from the 2007 NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers. To view a summary of the report, visit NJAR®‘s website at http://www.njar.com/research_statistics/pdf/2007HomeBuyersSellersSummary.pdff.
The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of more than 55,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and are members of the national, state and local REALTOR® organizations. For more information, please visit www.njar.com.
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For all media inquiries contact:
Danielle Wyckoff
Media & Public Affairs Coordinator
Phone: (732) 494-4730
Fax: (732) 494-4723
E-mail: dwyckoff (at) njar (dot) com
