A recent National Association of REALTORS®
(NAR) report, from data collected in 2013, revealed many insights into
current buyer and seller habits. Highlights of the report include:
- 38% of homebuyers were first-time buyers, a little lower than the historical average of 40%.
- 14% of homebuyers purchased multigenerational homes. The primary reasons given were children over the age of 18 moving back home, cost savings and caretaking of aging parents.
- The average homebuyer is 42 years old,
while the typical first-time homebuyer was 31 and the average repeat
buyer was 52. Buyers over the age of 50 accounted for 49% of recent
buyers.
- New home purchases accounted for 16% of all recent home purchases.
- The size of the average home purchased was 1,900 square feet and had two bathrooms and three bedrooms.
- On average, the homebuyer searched for 12 weeks
and viewed 10 homes before making a purchase. More than 50% of
homebuyers said finding the right home was the most difficult step in
the homebuying process.
- 42% said the first step
in the homebuying process was searching online for properties. 12% of
buyers said they used online recommendations to search for an agent.
- 63% of recent buyers said they interviewed one agent before they found the agent they worked with and 88% said they would use their agent again.
- 42% of buyers found their agent through a referral from a friend or family member and 12% used an agent they had used before to buy or sell a home.
The report
concluded that typical sellers had lived in their home for nine years,
up from six years in 2007. And 36% of sellers had offered incentives,
such as assistance with home warranty policies and closing costs to
attract buyers.
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