What’s Your Real Estate IQ?

So you think you’re fairly savvy when it comes to real estate?  Let’s test your smarts.  The National Association of REALTORS® surveys home buyers and sellers annually to gather information about the home buying and selling process.  I’ve compiled a five question quiz based on the results of that survey for your entertainment pleasure.  The answer key can be found at the end of this post (no peeking).

1.  Single women buy more homes than single men by what percent?
     A.  25%
     B.  10%
     C.  3%
     D.  Statistically it’s a dead heat.

2.  What percentage of all homes purchased were new construction?
     A.  9%
     B.  12%
     C.  18%
     D.  21%

3.  What percentage of all home buyers used the internet to search for homes?
     A.  67%
     B.  75%
     C.  87%
     D.  94%

4.  How many homes does the typical home buyer visit before making a buying decision?
     A.  5
     B.  10
     C.  15
     D.  20

5.  What is the number one thing that sellers want from their real estate agent?
     A.  Help with negotiations with buyers.
     B.  Help sell the home within a specific timeframe.
     C.  Help price the home competitively.
     D.  Help with all the paperwork/inspections/preparing for settlement.

* * * * * * * * * * * *

ANSWER KEY

 1.  B – 10%     That’s right; widowed, divorced and single women are 10% more likely to buy a home then men.  Attribute this to the “nesting” factor, their maturity level or that they are just plain smarter then men.  You be the judge.

2.  D – 21%     Now you know why builders in general weren’t enthused with Obama’s stimulus package that seems to be assisting everyone (i.e. first time homebuyers) and eveything (i.e. banks) but nothing for their business.

3.  C – 87%     The days of looking for listings in the local newspaper where you can see a postage stamp sized picture (maybe) and eleven words about a home are dead.  Critical mass has been achieved.  Homebuyers are looking for multiple color pictures, video, maps and content-rich information.

4.  B -10     This number has steadily decreased over the past twenty years.  With the onset of the internet, homebuyers are now able to preview homes and neighborhoods prior to actually visiting a home (see #3 above).

5.  B – Help sell the home within a specific timeframe.     What it all boils down to is this:  Jenny, the transferee, needs to be in Omaha by the second week of August -or- Jim’s family needs to be in a home before the start of school in Septmber.  People’s time is valuable.  Increasingly, they are looking at a REALTOR to meet their timeframe.