Source: National Association of REALTORS (NAR) via Lowe’s InmanNews – Daily Real Estate News
The typical age for first-timers was 31, up one year from the 2010 report. The typical repeat buyer was 53, up from 49.
Married couples accounted for 64 percent of recent homebuyers — the highest share since 2001.
First-time buyers had a higher share of singles and unmarried couples among them, while repeat buyers were most likely to be married couples.
After two straight years of declines, median household income among buyers rose 12 percent in 2010 to $80,900, from $72,200 in 2009.
For first-timers, median income was $62,400; for repeat buyers, it was $96,600.
The increase in household income reflects the tightening credit conditions that homebuyers are facing.
Buyers typically moved a median 12 miles from their previous residence, unchanged from the 2010 report.
For 35 percent of buyers, the first step in their home-search process was to look online for properties.
Ultimately, 40 percent of buyers found their home on the Internet, 35 percent through a real estate agent, and 11 percent through a yard or open house sign. The typical buyer searched for 12 weeks and viewed 12 homes, the report said.
The vast majority of buyers, 89 percent, were assisted by a real estate agent or broker when purchasing their home — a steady increase since 2001 when 69 percent were assisted by an agent, the report said.
About two-thirds of buyers interviewed only one agent before choosing one to work with, and nearly 9 in 10 said they would use their agent again or recommend him or her to others.
Overall, 87 percent of sellers were assisted by a real estate agent. Of the 10 percent of sellers who sold without an agent, 40 percent of them knew the buyer before the home was purchased.
The typical seller was 53 with an income of $101,500, the report said. About half of sellers traded up to a bigger, more expensive home, while 60 percent bought a newer home. The typical seller lived in his or her home for nine years, up from six years in 2007.
The report had many more stats, but overall we can see the importance of:
- Buyers: Use a Realtor, and get your financing in order before going all around town
- Sellers: Hire a real estate professional who is smart about online exposure and works well with other Realtors
Aren’t these stats fun? It’s like we all get to be nosy neighbors without peeking out the window. ;0)