From the The National Association of Realtors® 2010 Profile of Home Buyers and Sellers – Here are a few highlights on buyers from the report:
Characteristics of Home Buyers
- 50 percent of recent home buyers were first –time buyers
- The typical first-time buyer was 30 years old, while the typical repeat buyer was 49 years old.
- The 2009 median household income of buyers was $72,200, while the median income for first-time buyers was $59,900 and $87,000 among repeat buyers.
- For 1/3 of the recent home buyers, the primary reason for their home purchase was a desire to own a home.
Characteristic of Homes Purchased
- New home purchases were at the lowest level in nine years – down to 15 percent of all home purchases
- The typical home purchased was 1,780 square feet in size, was built in 1990, had three bedrooms and two bathrooms.
- Seventy-seven of home buyers purchased a detached single family home.
- When considering the home purchase, commuting costs were considered very important or somewhat important by 76 percent of home buyers.
Home Search Process
- For more than 1/3 of home buyers, the first step was to look online for properties and overall 9 out of 10 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 while searching for a home.
- The typical home buyer searched for 12 weeks and viewed 12 homes.
- Eighty-three percent of home buyers purchased their home through a real estate agent and eighty-seven percent said they would use their agent again in the future.
- Ninety-one percent of home buyers financed their recent home purchase.
- First-time buyers typically financed 96 percent of their home purchase, while repeat buyers financed 86 percent of their home purchase.
- Seventy-one percent of all home buyers and ninety-three percent of first-time home buyers used the tax credit during their home purchase.
- Forty-six percent of home buyers reported that they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.
Next time – Sellers
Charles Kraus, Associate Broker – Coldwell Banker Residential Brokerage - Annapolis, MD
Office (410) 919-2642 email: email@example.com