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.
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