Ann Arbor Real Estate: National Association of Realtors Releases Real Estate Statistics – A Handy Field Guide!
Everything you have wanted to know about the Real Estate business but haven’t asked! 
The National Association of Realtors know that people often wonder what goes on in the Real Estate industry and the facts and figures behind it, therefore they have published a great page on their website which they call their “Field Guide to Quick Real Estate Statistics” (last updates September 2008). The “cheat sheet” gives the bare bones facts about the industry. You can view the whole sheet here, however we have listed some of the more interesting points below:
- Real Estate and the Economy: In 2007 the housing sector contributed $2.1 trillion to the national economy (15% of overall activity)
- For Sale By Owner (FSBO) Statistics – the typical FSBO home sold for $187,200 compared to $247,000 for agent-assisted home sales.
- NAR Members to date: 1,257,686 as of Aug. 31, 2008
- Active home search (median):
Number of Weeks Searched – 8
Number of Homes seen – 9 - Technology Products used by Realtors: The typical Realtor spent between $501 – $2,000 on technology for real estate purposes in 2007.
- Method of Home Purchase, By Use of Internet: Agent/Broker – 81%
- Home Buyers and Sellers Information Sources Used in Home Search – Real estate agent & Internet – 84% – A huge reliance on agents, which means that it is more important than ever for agents to deliver what their clients want – information.
What is most interesting is the FSBO statistic, it shows how important it is to work with an agent rather than go it alone.
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