The Data Behind the Personal Interactions

Behind the personal interactions that define the role of a REALTOR® in buying and selling a home is the data. The preferences of your buyer or seller directs the process. And the National Association of REALTORS® tracks the data. How is the market defined by the preferences? How are consumers changing their buying and selling habits?

On Thursday, Nov. 1, Jessica Lautz, Director of Demographics and Behavioral Insights at National Association of REALTORS®, shared an update with communications directors from across the country on these trends.

The tl;dr version of this article is:

  • minorities are growing,
  • millennials out-number boomers,
  • there is a national drop in the marriage rate and
  • Americans are living longer.

And, thus our current national housing market.

The research department at the National Association of REALTORS® might be the best-kept secret that is part of your membership. Consumer behavior insights gleaned from the numerous reports run by NAR can have a powerful impact on how a REALTOR® can be armed with knowledge to help their clients.

Millennials, of course, were a common thread in Jessica’s presentation. But changes in how all Americans live have shifted preferences. First-time buyers are hurt by student loan debt and rising prices.

Americans aren’t getting married as much as they used to. The number of single homebuyers–across genders–is rising.

A statistic that really jumped out at me was the number of buyers that don’t have kids. That stands at 66 percent. And as Jessica noted, this was a “huge increase”. Again, millennials who can afford to purchase a home, are helping to drive this as well.

For those who don’t have children, there are newer trends that are impacting their home search: their pets. So much so, that NAR has an entire report about the impact of animals in the home.

Tied into the first-time homebuyer slash millennial conversation is how they are affording their down payment. Jessica noted this in jest, but she’s serious: “Almost a third of first-time homebuyers are tapping the bank of mom & dad for their housing down payment.”

I encourage you to take some time to review the resources available to you through the NAR Research Department. A great way to digest all of the information and formulate a plan to impact your business is to follow NAR Research on social media. They publish content on Facebook, Twitter, Instagram, Pinterest, and YouTube.

First-Time Featured Attendee

Kevin Juliano is the digital director for the Pennsylvania Association of REALTORS®. In his role, Kevin is responsible for the association’s social media presence, email campaigns, websites, and other digital projects. He also serves as the staff liaison for PAR’s YPN Advisory Committee.

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