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BRIAN BUFFINI’SREAL ESTATEREPORTUS EDITION1ST BIANNUAL 2022
The real estate market isexperiencing unprecedentedlevels of activity andincredibly high demand.With so much informationand noise regarding thehousing market, it’s easy toget overwhelmed. To helpgive clarity, we present toyou Brian Buffini’s RealEstate Report. This biannualpublication is full of wellresearched statistics andfacts to provide you withuseful insights about the realestate market. Use this guideto gain the knowledge andpeace of mind you need inan ever-changing market.Table of ContentsState of the Market3Mortgage Stats4Today’s Buyer Profile5Today’s Seller Profile6Regional Trends2Brian Buffini’s Real Estate ReportUS EDITIONNortheast 7 South 8 Midwest 9 West 10The State of the Agent11Why I Work by Referral12
State of the MarketThe 2021 market experienced frenzied activity due to low inventory and high demand.The specific details of any market varieddepending on location, but these nationaltrends are worth noting.MedianHome PriceSingle-FamilyHousing Starts 305,0001,039,000New ResidentialConstruction 0.4%Housing Startsin Late 20211,520,0003Brian Buffini’s Real Estate ReportUS EDITIONSOURCES: 2021 NAR Profile of Home Buyers and Sellers, NAHB, U.S. Census Bureau
Mortgage Stats87% of recentbuyers financed theirhome purchase.While rates have shown a slight increase, they stillremain at ultra-low levels, making it an excellent time fornew buyers to obtain homeownership.13% was thetypical down payment.33% increasein refinance activitycompared to the firsthalf of 2020.Average Interest Rate on a 30-Year Fixed rian Buffini’s Real Estate ReportUS EDITIONSOURCES: 2021 NAR Profile of Home Buyers and Sellers, Freddie Mac
Today’s Buyer ProfileDespite a shortage in inventory, homebuying activity remains strong. Here aresome key buyer statistics and an overview of the values and behaviors of buyersin today’s market.34%41%of all buyers were firsttime buyers, an increasefrom 2020.of buyers searchedonline for homes beforelooking in person.94%of buyers weresatisfied with thehome-buyingprocess.Top BuyerCompromises 27% of buyers made acompromise on the priceof the home. 21% of buyers made acompromise on thecondition of the home.Median Down PaymentAmong Buyers All Buyers 13% First-Time Buyers 7% Repeat Buyers 17%5Brian Buffini’s Real Estate ReportUS EDITIONSOURCE: 2021 NAR Profile of Home Buyers and Sellers
Today’s Seller ProfileIt’s been a seller’s market! Whether you’re thinking of upgrading, downsizing ormoving to a new area, these latest insights will help you make the most informeddecision possible.The Majority of Sellersare Trading UpThe averageequity a seller hadin their home is 46% purchased a larger home 85,000 61% purchased a newer home 48% purchased a moreexpensive homeHomes sold for a median of100%of the final listing price.Listings received an average of fouroffers before closing.6Brian Buffini’s Real Estate ReportUS EDITIONTop Reasons for Selling A desire to live closer tofriends and family Home was too small Current neighborhoodbecame less desirableSOURCES: 2021 NAR Profile of Home Buyers and Sellers, REALTORS Confidence Index
RegionalTrends:NortheastNew home construction increased in theNortheast, indicating more inventory isheaded to market. Homes continue tosell quickly and close to full price, witha slight increase in first-time buyers.MedianHome Price 300,0007Brian Buffini’s Real Estate ReportUS EDITIONMedianBuyer Income 108,300Single-andMulti-Family Housing Starts 28.9%SOURCE: 2021 NAR Profile of Home Buyers and Sellers, U.S. Census Bureau
RegionalTrends:SouthReal estate markets continue to growquickly in the South. This contributedto swift home sales and a slight increasein home prices.MedianHome Price 281,0008Brian Buffini’s Real Estate ReportUS EDITIONMedianBuyer Income 95,500Single-andMulti-Family Housing Starts 18.6%SOURCE: 2021 NAR Profile of Home Buyers and Sellers, U.S. Census Bureau
RegionalTrends:MidwestThe Midwest continues to be the mostaffordable region. New construction isalso on the rise, adding even more supplyto these markets.MedianHome Price 246,9009Brian Buffini’s Real Estate ReportUS EDITIONMedianBuyer Income 93,200Single-andMulti-Family Housing Starts 12.1%SOURCE: 2021 NAR Profile of Home Buyers and Sellers, U.S. Census Bureau
RegionalTrends:WestBuyers in the West had the highestaverage income and the highest homeprices. An increase in housing starts mayhelp prices decrease slightly this year.MedianHome Price 450,00010Brian Buffini’s Real Estate ReportUS EDITIONMedianBuyer Income 112,500Single-andMulti-Family Housing Starts 22.6%SOURCE: 2021 NAR Profile of Home Buyers and Sellers, U.S. Census Bureau
The State of the AgentThe use of technology continues to increase in popularity,but there is still an emphasis on real-life interactions.Ultimately, skilled, supportive agents are the key tohomebuyers and sellers achieving their real estate goals.87%of buyers used a real estateagent to purchase their home.Buyers Want TheirAgent To:52% find the right home topurchase.13% negotiate the terms of sale.11% help with the pricenegotiations.6% determine sell prices forsimilar homes.The most important factor tobuyers when selecting anagent is finding one that ishonest and trustworthy.Sellers Want TheirAgent To:21% price their homecompetitively.20% market their home.16% sell their home within aspecific timeframe.16% fix their home to sell it at ahigher price.The most important factor tosellers when choosing an agentis the agent’s reputation.11Brian Buffini’s Real Estate ReportUS EDITIONSOURCES: 2021 NAR Profile of Home Buyers and Sellers
Why I Work by ReferralRelationships aremore important thantransactions.Service that continuesafter the sale.I am devoted to servingyour needs even after thesale is complete. If you needa referral for a contractor,helpful advice or an agentfor your friend or familymember, I am here to help.My business is built onrelationships, so I work toprovide my clients withoutstanding service andcare during and long aftera transaction.More thanYou are the backboneof my business.80%of all transactions wereconducted through anexisting relationshipthat leads to sale.12Brian Buffini’s Real Estate ReportUS EDITIONYour referrals are thefoundation of my business,so I aim to exceed yourexpectations every step ofthe way.90%of buyers andsellers would use theiragent again or referthem to others.“There is no lead morepowerful than one referredfrom someone you know —someone who knows you,trusts you and will put theirname to you.”BRIAN BUFFINI,Founder & Chairman of Buffini & CompanySOURCE: 2021 NAR Profile of Home Buyers and Sellers
8 US EDITION SOURCE:Brian Buffini's Real Estate Report 2021 NAR Profile of Home Buyers and Sellers, U.S. Census Bureau Real estate markets continue to grow quickly in the South. This contributed to swift home sales and a slight increase in home prices. Regional Trends: South Median Home Price 281,000 Median Buyer Income 95,500 Single-and
