Dick Tracy was right when we saw him talking to his two-way wrist radio back in the day… January 13, 1946. That is when Dick Tracy introduced the world to the 2-Way Wrist Radio, becoming the most prominent feature on the New York Daily News’ cartoon section.
Right now, according to the National Association of Realtors [NAR] report, the typical home buyer is 46 years old, married without children living at home, and has a median income of $91,600… oh, and finding their homes over the Internet.
Well, now about three-quarters of buyers are finding their homes using their phones, according to a report from the National Association of Realtors.
The mobile-phone is used by approximately 80% of Millennials, which means that buyers younger than 38 years old are using their phone to find the homes they end up buying.
Not far behind are the 78% of Gen Xers that are navigating their selection of homes for sale via the smart phone portal. Even the 68% of Young Boomers are house hunting on their phones. Not quite Dick Tracy’s two-way wrist radio, but heck, it’s an epidemic of buyers.
According to the National Association of Realtors, the typical buyer contacted an agent and visited a median of 10 homes over 10 weeks before purchasing a home.
Broken out by generations, it was older buyers who spent the shortest amount of time looking at houses. The so-called Silent Generation, meaning people older than 73, spent eight weeks searching for homes, while Young Boomers spent 12 weeks on their home search. All the other generations found a home in 10 weeks, the report said.
The phone is making the hard part of buying a house easier by bringing the buyers to the front door of the agent listing the property. And considering the inventory shortages being experienced throughout the country, speed, access and action are critical to getting the house you want.
Only 20% of respondents surveyed by the National Association of Realtors said that the “paperwork” part of the transaction was the most difficult step.
The open house approach to selling a house, once a must, is no longer a big priority when it comes to the buyers out there. Open house showings accounted for 53% of home searchers while the other 47% said they didn’t rely upon them.
Just a small percentage, 7% of respondents, reported they didn’t use online information while searching for a home to buy.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.