Characteristics of Home Buyers
- First-time buyers made up 33% of all home buyers, holding steady from last year’s 33%.
- The typical buyer was 47 years old this year, and the median household income for 2018 rose again this year to $93,200.
- 12% of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- 20% of recent home buyers were veterans and 3% were active-duty service members.
Characteristics of Homes Purchased
- Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 39%. Buyers who purchased previously-owned homes were most often considering a better overall value at 33%.
- Home prices increased slightly this year to a median of $257,000 among all buyers. Buyers typically purchased their homes for 98% of the asking price.
- The typical home that was recently purchased was 1,850 square feet, had three bedrooms and two bathrooms, and was built in 1990.
- Heating and cooling costs were the most important environmental features for recent home buyers, with 85% ﬁnding these features at least somewhat important.
The Home Search Process
- For 44% of recent buyers, the ﬁrst step that they took in the home buying process was to look online at properties for sale, while 16% of buyers ﬁrst contacted a real estate agent.
- The typical buyer who did not use the internet during their home search spent only 4 weeks searching and visited 4 homes, compared to those who did use the internet and searched for 10 weeks and visited 10 homes.
- Among buyers who used the internet during their home search, 87% of buyers found photos and 85%found detailed information about properties for sale very useful.
Home Buying and Real Estate Professionals
- 89% of buyers recently purchased their home through a real estate agent or broker, and 5% purchased directly from a builder or builder’s agent.
- Having an agent to help them ﬁnd the right home was what buyers wanted most when choosing an agent at 52%.
- 75% of buyers interviewed only one real estate agent during their home search.
- 90% of buyers would use their agent again or recommend their agent to others.
Financing the Home Purchase
- 86% of recent buyers ﬁnanced their home purchase. Those who ﬁnanced their home purchase typically ﬁnanced 88%.
- First-time buyers who ﬁnanced their home typically ﬁnanced 94% of their home compared to repeat buyers at 84%.
- For 60% of buyers, the source of the downpayment came from their savings. 38% percent of buyers cited using the proceeds from the sale of a primary residence, which was the next most commonly reported way of securing a downpayment.
Home Sellers and Their Selling Experience
- For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (16%), that it was too small (13%), and a job relocation (11%).
- 89% of home sellers worked with a real estate agent to sell their home.
- For recently sold homes, the ﬁnal sales price was a median of 99% of the ﬁnal listing price.
- 34% of all sellers offered incentives to attract buyers.
Home Selling and Real Estate Professionals
- 75% of recent sellers contacted only one agent before ﬁnding the right agent they worked with to sell their home.
- 89% of sellers listed their homes on the Multiple Listing Service (MLS), which is the number one source for sellers to list their home.
- 75% of sellers reported that they provided the agent’s compensation.
For-Sale-by-Owner (FSBO) Sellers
- The median age for FSBO sellers is 60 years. 65% of FSBO sales were by married couples that have a median household income of $94,000.
- FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $200,000 last year (the same as the year prior), and signiﬁcantly lower than the median of agent-assisted homes at $280,000.
- FSBO homes sold more quickly on the market than agent-assisted homes. 58% of FSBO homes sold in less than two weeks—often because homes were sold to someone the seller knows.
- Among non-owners, 74% of those surveyed are currently renters and 26% currently live with someone else without paying housing costs.
- 57% of non-owners believe it would be at least somewhat difficult to become a homeowner based on their current financial situation.
- 78% of non-owners believe homeownership is a good financial decision.
- Non-owners believe homeownership is part of their American Dream, at 75%. Additionally, 81% of non-owners want to own a home in the future.
If you’d like to get more updates about the industry, let us know.
affordable courses Basic 2 Post License become a real estate agent being your own boss broker course continuing education Continuing Education Courses experienced instructors full support real estate training Full TIme Real Estate Agent great income growth potentioal highest quality online courses In-House Class In person class license real estate agent licensing coures make your own hours Oklahoma City Real estate school oklahoma real estate broker license Oklahoma Real Estate Commission Oklahoma Real Estate License oklahoma real estate school Part TIme Real Estate Agents Post License premier online real estate educators professional support questions about real estate license real estate real estate agent real estate agents real estate brokers Real estate career Real estate Class real estate education real estate exam Real estate investments real estate licensed Real estate post-licensing Real estate Pre-Licensing Real Estate Sales Real Estate School real estate school near me Realtors work from home