NAR Publishes a report annually on who buys all these houses. The results of this report is presented below. The demographics of today’s homeowner continues to swing with the social changes.
Home Buyer 2013
38% of home purchases were from first-time home buyers
14% of home buyers purchased homes for “multi-generational” purposes (adult children or aging parents moving in with them)
66% were married home buyers
31 years old – typical age of first-time buyer
52 years old – typical page of repeat home buyer
$64,400 – average household income of first-time buyer
Types of Homes Purchased
16% purchased new construction to avoid renovation OR customize a home
1,900 square feet – typical size of home
1992 – average year home was built
3 bedrooms/2 baths typical
80% purchased single-family detached home
14% senior home buyers bought a senior-related home either from themselves or a relative
73% considered commuting costs from home to their jobs
85% considered utility costs when buying a home
How Homebuyers Searched for a Home to Purchase
42% used the Internet as the first step in the home search process
92% used the Internet on an ongoing basis to continue their search
87% said the information from real estate agents was viewed as “helpful”
12 weeks – typical time when searching for a home
10 homes – average number of homes viewed during the search process
50% – finding the right home for them was the most difficult step in the home-buying process
Working with the Real Estate Agent
88% bought their home through a real estate agent
42% found their real estate agent through a referral from a friend or family member
12% repeat buyers who used the same agent they had used before
12% relied on on-line recommendations from others when choosing a real estate agent
66% interviewed only one agent
88% would recommend their agent to others
Financing the Home
10% was the average down payment
86% were repeat buyers who took out a mortgage
95% were first-time buyers who took out a mortgage
24% said getting approved for a mortgage was more difficult than expected
43% said student loans made it more difficult to get a mortgage
38% said credit card debt made it more difficult to get a mortgage
31% said auto loans made it more difficult to get a mortgage
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Centennial Real Estate 