2013 Home Buyer & Home Seller Report | AGBeat

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.

 

via 2013 home buyer and home seller trends report – AGBeat.

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