A NAR 2005 survey turned up some interesting points.  77% bought from an agent.  12% directly from a builder, 9% from a seller.   Most buyers search first on their own, 2 weeks before using an agent, 6 months with an agent.  First time buyers 3 weeks on their own before contacting an agent.  Most buyers interviewed more than one agent, with 66% of repeat buyers interviewing one or more agent and first time buyers interviewed one to three.  Most found their agents by friend referral or neighbor or relative.  Shows how important it is to establish a client base, sphere of influence and keeping in touch with clients and potential clients.  Next category were buyers who had used an agent before and finally, tied in third were open houses, contact from a re sign, and walking into the office.  However far less likely to bring in new buyers.

Most important quality in an agent were: expecting knowledge about the purchasing process, responsiveness, followed by re market knowledge, communication and negotiating skills, people skills and local area knowledge.  Least important as I pointed out in may posts: Technology!  Wanting help in finding the right home was primordial, only 10% wanted negotiating help, paperwork, comparable.  Less help with finance.  58% signed an Agent Representation Disclosure either first time they met or by the time of contract.  22% never signed,  20% weren’t aware of it.

Generally buyers were satisfied with skills and expertise of agent.  Agent’s knowledge of purchasing process was important.   as well as knowledge or re market.  Least satisfied were agent negotiating skills.  Greatest benefits from agents was understanding the process at 59%, 48% agents pointed out features or defects, 39% said agents shortened their search.  36% negotiating better terms, improved knowledge of searched areas and negotiating better price at 29%.  66& would use their agents again and recommend.  An additional 19% would use the same agents.

Expand client base and ask for referrals.  Open houses and presence on the Internet.  Most important is reputation and experience.  Reading all this, I feel very confident with who I am and the values I uphold not only in my personal life but also business.

Data gathered by Cardinal Pacific Escrow

According to (AP) LOS ANGELES The median price of a California home increased in August at the slowest annual rate in nine years, while four counties saw price declines, according to DataQuick Information Systems.

This is something we must be aware of and numbers can be twisted to say anything but the median price of a home is a statewide or nation wide average price and might not always reflect our prices.  As far as Long Beach and Lakewood, our prices have held well.  The statewide median home was $472,000 in August, up 3.5 percent over the year-ago, but the slowest increase since June 1997, compared to increases statewide in June 2004 at 23.2 percent.

More home buyers are waiting even though, this is still a good time to come into the market as we are seeing.  Buyers having a better leverage in this market.  Right now could be the most even field we have seen in a long time between buyers and sellers.

Here is the CBS story.