Mon, 12 Feb
2018 has started off to a solid start compared to the 2 previous years in Regina. (Personally I am saying not much of a change).
143 sales in Regina compared to 139 in 2017 = 2.8%.
The Home Price Index reported a price of $279,400 down from $293,600 one year ago. The downward direction on prices is because of the over supply of properties and it’s pushing sellers to keep reducing their asking prices.
We have 1,133 active residential listings on the market at the end of January, over 20% increase from 2017.
The ratio of sales to new listings for the month was 30% (meaning only 30% of listings sold). Still a buyer’s market. Condos make up almost 30% of the listings which is high.
Click here for the full report.
Thu, 15 Jan
2014 Profile of Home Buyers and Sellers
In July 2014, NAR (National Association of REALTORS) mailed out a 127 question survey to 72,000 recent home buyers. The recent home buyers had to have purchased a home between July 2013 and June 2014. The survey had a response rate of 9.4 percent.
88% of buyers would use their agent again or recommend to others and 63% of buyers who purchased their home in the last year have recommended their agent to other buyers.
- 88% of home buyers financed their recent home purchase at 90%.
- The share of 1st time buyers who financed their home purchase was 95% compared to 84% of repeat buyers.
- 46% of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.
- 12% of buyers overall cited saving for a down payment was the most difficult task in the home buying process. Among those buyers, 48% report credit card debt, 44% reported student loan debt and 36% car loans delayed them saving for a down payment.
- Eight in 10 buyers believe their home is a good financial investment.
Home Sellers and Their Selling Experience
- 40% of home sellers traded up to a larger sized home, 47% purchased a more expensive home and 53% purchased a newer home.
- The typical seller lived in their home for 10 years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only 6 years.
- 88% of sellers were assisted by a real estate agent when selling their home.
- Recent sellers typically sold their homes for 97% of the listing price and 45% reported they reduced the initial asking price at least once.
- 17% of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.
Home Selling and Real Estate Professionals
- 38% of sellers who used a real estate agent found their agents through a referral by friends or family and 22% used the agent they worked with previously to buy or sell a home.
- 70% of home sellers only contacted 1 agent before selecting the one to assist with their home sale.
- 91% of sellers reported that their home was listed or advertised on the multiple listing (MLS) website.
- Among recent sellers who used an agent, 83% reported they would definitely (68%) or probably (15%) use that real estate agent again or recommend to others
For-Sale-by-Owner (FSBO) Sellers
- The share of home sellers who sold their home without the assistance of a real estate agent was 9%. 44% knew the buyer prior to home purchase.
- Among sellers who did not know the buyer of the home previously, 15% were contacted by a buyer they did not know to buy the home.
- FSBOs typically have a lower median selling price: $208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13% higher sales price than the typical FSBO sale.
- Half of FSBO sellers took no action to market their home and 73% did not offer any incentives to attract.
Consumer names and addresses were obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records. Information about sellers comes from those buyers who also sold a home. All information in this Profile is characteristic of the 12-month period ending June 2014, with the exception of income data, which are reported for 2013. In some sections comparisons are also given for results obtained in previous surveys. Not all results are directly comparable due to changes in questionnaire design and sample size. Some results are presented for the four U.S. Census regions: Northeast, Midwest, South and West. The median is the primary statistical measure used throughout this report. Due to rounding and omissions for space, percentage distributions may not add to 100% buyers.