The National Association of Realtors has released its 2013 Home Buyer & Seller Profile Survey focusing on the factors that go into a consumer choosing to buy or sell a home. A few of the topics covered were: Credit Standards, Mortgage Rates, Online Home Shopping and First Time Home Buyers. You can read a few of the topics below and find the full article on AGBeat.
Who is buying?
In 2013, NAR reports that the median age of first-time buyers was 31, unchanged from 2012, and the median income was $67,400.The typical first-time buyer purchased a 1,670 square-foot home costing $170,000, while the typical repeat buyer was 52 years old and earned $96,000.
Repeat buyers purchased a median 2,060-square foot home costing $240,000.When asked about the primary reason for purchasing, 60 percent of first-time buyers cited a desire to own a home of their own. For repeat buyers, 16 percent wanted a larger home, 12 percent had a job-related move and another 12 percent said they just wanted to own a home of their own.
Using a Realtor and Home Shopping Online
The typical buyer began their home search online and then contacted a real estate agent. Buyers searched a median of 12 weeks and visited 10 homes.
To search for a home, 92 percent began the hunt online, 89 percent used real estate agents, 51 percent yard signs, 45 percent each attended open houses and used a mobile application, and 42 percent used mobile search engines.
When buyers were asked where they first learned about the home they purchased, 43 percent said the web, 33 percent from a real estate agent, 9.0 percent a yard sign or open house, 6.0 percent from a friend, neighbor, or relative, 5.0 percent from home builders; 2.0 percent directly from the seller; 1.0 percent a print or newspaper ad; and less than 1.0 percent from other sources.
Ninety percent of home buyers who used the Internet to search for a home purchased through a real estate agent, as did 69 percent of non-Internet users, who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.
While sellers had been in their previous home for a median of nine years, first time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.