Every year, the National Association of Realtors (NAR) conducts an extensive survey of buyers and sellers to identify the trends shaping our industry. The 2016 results are in, and they offer a fascinating look at how the home-buying journey is evolving—both nationally and right here in the Northeast.
1. The First-Time Buyer Rebound
In 2016, we saw a significant return of the first-time homebuyer. Nationally, 35% of all purchasers were buying their first home. However, in the Northeast, that figure was even more impressive at 44%. This surge suggests that more individuals are deciding that 2016 is the year to transition from renting to building long-term equity.
2. The Digital Shift: Mobile Search Takes the Lead
The way people search for homes has undergone a permanent transformation.
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The Internet Factor: 86% of all buyers surveyed used the internet as a primary search tool.
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Mobile Usage: Of those internet users, 54% accessed listings via a mobile device (smartphone or tablet).
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The Decline of Print: In contrast, only 16% of buyers cited newspaper ads as a primary information source. In 2016, if your home isn't optimized for a mobile screen, it's virtually invisible.
3. The "12-Mile" Rule
An interesting finding from the 2016 report is that half of all homes purchased were within 12 miles of the buyer's previous residence. Despite the global reach of the internet, real estate remains a deeply local business. Most people want to stay connected to the communities, schools, and workplaces they already know.
4. Why the Agent Still Matters
While the internet is a valuable tool for research, it hasn't replaced the need for professional guidance.
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The Discovery Phase: 34% of buyers reported that it was their Real Estate Agent who first alerted them to the specific home they eventually purchased.
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The Closing Phase: Despite the wealth of online data, 90% of all home purchases in 2016 were completed with the help of a licensed agent.
The Bottom Line
The 2016 data confirms that while technology has made shopping easier, the complexity of the transaction still requires a human touch. Having a skilled agent to navigate the data and negotiate the deal remains the smartest choice for any homebuyer.
