Friday Facts: Unconventional Real Estate Wisdom

FRIDAY FACTS

December 20, 2013

 

From the National Association of Realtors 2013 Profile of Home Buyers and Sellers:

BUYERS:

  • The typical buyer is 42 with a median income of $83,300
  • The typical first time buyer is 31 with a median income of $64,400
  • The typical repeat buyer is 52 with a median income of $96,000
  • 88% of buyers purchased through a real estate agent.  In 2001 that percentage was 69%
  • 42% found their agent by referral from a friend or family member
  • 12% used an agent they had used previously
  • 66% of buyers were married couples, the highest share since 2001
  • 38% were first time buyers, down from the historical norm of 40%
  • 14% purchased a multi-generational home giving the following reasons:
    • Kids over 18 were moving back
    • For cost savings
    • Caretaking of aging parents
  • 59% of buyers purchased a newer home
  • 50% purchased a larger and more expensive home
  • 92% of buyers used the Internet in home search
  • The typical buyer searched for 12 weeks and saw 10 homes
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