The NATIONAL ASSOCIATION OF REALTORS ® surveys home buyers and sellers each year to gather detailed information about the home buying and selling process. Below are the highlights of the NAR’s findings on homebuyers. Whilst some will accidentally make mistakes (as detailed on Sky Five Properties), others will know what they are looking for and have smooth sailing on their projects. (Additional findings about sellers, the home search process, financing, and foe sale by owner sellers will follow in future posts.)
Characteristics of Home Buyers
• Fifty percent of recent home buyers were first-time buyers.
• The typical first-time home buyer was 30 years old, while the typical repeat buyer was 49 years old.
• The 2009 median household income of buyers was $72,200. The median income was $59,900 among first-time buyers and $87,000 among repeat buyers.
• Twenty percent of recent home buyers were single females, and 12 percent were single males.
• For one-third of recent home buyers, the primary reasonfor their recent home purchase was a desire to own a home.
• New home purchases were at the lowest level in nine years-down to 15 percent of all recent home purchases. New homes are less likely to have issues in the short-term but it is never a bad idea to go to https://goldengatehomeinspections.com so that you can enquire about a home inspection before agreeing to buy a home.
• The typical home purchased was 1,780 square feet in size, was built in 1990, and had three bedrooms and two bathrooms.
• Seventy-seven percent of home buyers purchased a detached single family home.
• Eleven percent of buyers over 50 purchased senior-related housing or in an active adult community.
• When considering the purchase of a home, commuting costs were considered very or somewhat important by 76 percent of buyers. Recent renovations to a property such as a new roof from Taylor Roofs Scotland made the property much more enticing to prospective buyers.
The Home Search Process
• For more than one-third of home buyers, the first step in the home-buying process was looking online for properties.
• Nine in ten home buyers used the Internet to search for homes.
• Real estate agents were viewed as a very useful information source by 81 percent of buyers who used an agent (such as an Austin realty agency) while searching for a home.
• The typical home buyer searched for 12 weeks and viewed 12 homes.