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I want to share with you a speech that Gary Keller gave at the Keller Williams Convention in Phoenix a few weeks ago. He spoke about the state of the real estate market in America, as well as other influences like the economy and inflation. I thought he had a lot of interesting things to say, and I'd like to share them with you.
Key Points from Gary Keller's Speech
- Over 5 million homes were sold in the US in 2013, which is the highest number since 2006: This is a bright sign for the future of our national market, and I think you may have noticed the market here in Athens starting to warm up a bit as well.
- Distressed sales - both short sales and foreclosures - are down dramatically:
- These kinds of sales made up 49% of the market in 2009, 40% of the market in 2011, but only 14% of the market in 2013.
- Since 2009, the percentage of short sales on the market is down by 35%.
- Buyers are finding their homes through different avenues:
- The internet is leading the way with 43% of homes found online.
- Real estate agents managed to find 38% of properties.
- Only 2% of people found their homes in a printed ad.
- Most people have been finding real estate agents through referrals of friends (40% of consumers), however:
- Only 12% of buyers used their previous agent again.
- Only 25% of sellers used their previous agent again.
- This is particularly unsettling to agents throughout the nation, but it only means that we need to step up our service and assure the satisfaction of our customers here in Athens and beyond. Your experience with us is valued, and 50% of our business last year came from former clients and referrals.
- How did properties sell?
- 88% of properties were sold through a real estate broker.
- 9% sold through a for sale by owner.
- 1% sold through an investor.
- The 9% of owners that sold their own homes was surprising to me. I realize these people were trying to save on commission, but it's been shown that hiring a realtor will get you a better price for a home whether you're buying or selling.
