Real Estate: Then and Now
A lot has changed in the real estate industry over the past 10 years. According to data compiled from NAR’s Profile of Home Buyers and Sellers, median home values have increased more than 25 percent over the past decade from $137,600 in Nov. 1999 to $172,600 in Nov. 2009.
Fewer people are buying single-family homes – 78 percent in 2009 compared to 82 percent in 1999. More than half of buyers (54 percent) bought a home in a suburban neighborhood last year compared to 46 percent 10 years ago. A majority of last year’s buyers (90 percent) began their search for a home online compared to only 37 percent in 1999.
Despite these changes, many things remain the same. The median age for homebuyers in 2009 was 39, just as it was in 1999. Neighborhood quality, affordability and convenience to work and school are still top considerations for buyers, while 80 percent of buyers still believe that owning a home is an investment in their future. MON, JAN 4, 2010