2017 Homebuyer Survey Contains Valuable Information For Agents And Sellers (Part 2)

In 2016, first-time homebuyers constituted 32 percent of the market. That was the lowest participation rate by first-time buyers since 1987 (30%). This year, 2017, the first-time buyer rate was 34%. Geographically, the highest percentage of first-time buyers was in the northeast (43%). Over the years the historic norms for the country have been in the 40% range. As more low-downpayment mortgage programs come into the market, there may be a good chance of returning to those norms.

The most useful information for sellers and their agents is to be found in the section on the home search process. While the survey results are not significantly different from those of recent years, the trends continue. For example, this year 86 percent of buyers said that they used the internet frequently during the search process. In 2003 that number was only 42%. This past year 55% of buyers said that they frequently used a mobile or tablet application. That is a newer and growing phenomenon. (Two years ago it was 41 %.) 68% of buyers said that they frequently relied on a real estate agent for information.