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2010 Homebuyer Study Results

Posted on December 2, 2010 by tim in Market Update

Each year the National Associations of REALTORS (t) will conduct a survey that procudces a “Profile of Home Buyers and Sellers“. The survey typically evaluates demographics and experiences of recent home buyers and sellers. Here are some highlights from the report that I found interesting:

– Although typical sellers had been in their previous home for eight years, up from seven years in the 2009 study, first-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.

– The typical seller who purchased a home eight years ago experienced a median equity gain of $33,000, a 24% increase, while sellers who were in their homes for 11 to15 years saw a median gain of 40%.

– The number of first-time home buyers rose to a record high 50% of all home sales from 47% in the 2009 study, building on success of the home buyer tax credit which began in 2009.

– The profile shows the median age of first-time buyers was 30 and the median income was $59,900. The typical first-time buyer purchased a 1,540 square foot home costing $152,000, with 93% using the first-time buyer tax credit.

– 56% of entry level buyers financed their purchase with an FHA loan, while another 7% used the VA loan program. 42% said financing their first home was more difficult than expected and 9% had been rejected by a lender.

– 58% of all buyers are married couples, 20% are single women, 12% single men, 8% unmarried couples and 1% other.

Buyers searched a median of 12 weeks and viewed 12 homes.

– The typical repeat buyer was 49 years old, earned $87,000 and purchased a 2,000 square foot home costing $215,000.

– Buyers use a wide variety of resources in searching for a home: 89% surf the Internet, 88% use real estate agents, 57% yard signs, 45 percent attend open houses and 36% look at print or newspaper ads.

– 77% of all buyers purchased a detached single-family home, 9% a condo, 8% a townhouse or rowhouse, and 6% some other kind of housing.

– Not surprisingly, for-sale-by-owner transactions reached a record low, accounting for 9% of sales in the 2010 study, down from 11% in 2009.

– The share of homes sold without professional representation has trended down since reaching a cyclical peak of 18% in 1997.

If you are interested in obtaining a copy of the 2010 NAR Profile of Home Buyers and Sellers, just contact Lindsay Shapiro from Team Annett at lindsay.shapiro@cbws.com .


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