Hot off the press from the National Association of REALTORS® today comes some great information on the profile of the home buyers and sellers in 2014. I found several points very interesting and hope you do as well. Remember this is a summary from accross this great country and each real estate market varies and is unique. Feel free to contact me to get specifics on our St George Utah real estate market. I hope you will find this information as interesting as I have. Here are some of the key characteristics of home buyers and sellers. Make sure you click on my presentation link at the bottom of this blog page..especially if you like pictures!
Thirty-three percent of recent homebuyers were first-time buyers, which is still suppressed from the historical norm of 40 percent among primary residence buyers.
Thirteen percent of buyers purchased a multi-generational home due to cost savings, children over the age of 18 moving back into the house, and health and caretaking of aging parents.
The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53 years old.
The 2013 median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers.
Sixty-five percent of recent homebuyers were married couples couples.
For 24 percent of recent homebuyers, the primary reason for the recent home purchase was a desire to own a home, while nine percent purchased due to a job-related relocation or move, and eight percent bought for the desire to be in a better area or a change in family situation.
Take a look at some of the highlights about the type of home purchased!
New home purchases continue to drag at a share of 16 percent of all recent home purchases.
New home purchasers bought a new home to avoid renovations or problems with plumbing or electrical, andthe ability to customize their home. Home buyers who bought previously owned homes purchased their home for a better price and overall value and the charm and character their home provides.
The typical home purchased was 1,870 square feet in size, was built in 1993, and had three bedrooms and two bathrooms.
Seventy-nine percent of home buyers purchased a detached single-family home.
Thirteen percent of recent buyers over the age of 50 bought a home in senior-related housing.
When considering the purchase of a home, heating and cooling costs were at least somewhat important to 86 percent of buyers and commuting costs were considered at least somewhat important by 70 percent of buyers.
Buyers expect to live in their home for 12 years after buying.
For 43 percent of home buyers, the first step in the home-buying process was looking online for properties and 12 percent of home buyers first looked online for information about the home buying process.
Ninety-two percent of buyers use the internet in someway in their home search process and 50 percent of buyers use a mobile website or application in their home search.
Real estate agents were viewed as a useful information source by 98 percent of buyers who used an agent while searching for a home.
The typical home buyer searched for 10 weeks andviewed 10 homes—this is two weeks shorter than the previous year’s report.
Approximately nine in 10 recent buyers were at least somewhat satisfied with the home buying process.
For more than half of buyers finding the right home was the most difficult step in the home buying process.
Approximately nine in ten recent buyers were at least some what satisfied with the home buying process.
Eighty-eight percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
Forty percent of buyers found their agent through a referral from a friend or family member and 12 percent used an agent they had used before to buy or sell a home.
Two-thirds of recent buyers only interviewed one agent before the found the agent they worked with.
Click on this link and view some very interesting graphs and charts! some fantastic information brought to us by the National Association of REALTORS®
Please feel free to contact me, your Southern Utah real estate expert, for all your St George Utah real estate information and updates. Or just check in on my website and stay updated with the latest and greatest information!