Yesterday I mentioned the California Association of Realtors “2009 Survey of California Home Buyers” report. I wanted to point out another important piece of data from the survey that you may have already seen reflected in the time it takes your buyer leads to turn into prospects and how long you are working with home buyers.
The CAR stated, “On average, home buyers spent 8.4 weeks considering buying a home in 2009, compared with 7.2 weeks in 2008.” This is the lead-up time that potential home buyers use to arrive at the decision to purchase a home. This year, buyers are spending 8.4 weeks, a little over two months making up their mind to purchase a home.
Now you know approximately how long you have to inform, influence, educate and impress a buyer lead to not convince them to both buy a home…and use you as their real estate professional. What are you doing in these eight weeks to capture leads and convert them to prospects?
The CAR survey also said, “Buyers spent an average of 10.3 weeks searching for a home with their REALTOR®, compared with 8.7 weeks in 2008.” Now that you know that buyers take about two months to decide to purchase a home, you also now know that once they make this decision you’ll be working with them for 10.3 weeks, or about two and a half months.
Are you noticing that buyers are taking longer to decide to get off the fence and buy a home? And, once they decide to buy, are you finding that you are working with these buyers for a longer period of time?
How have you (or will you) tweak your marketing to work to convince buyers to make a move? And, how are you accommodating working with buyers longer before they make an offer to purchase a home? Share your 2009 experience with home buyers.