As the look, size, price and location of homes we live in has changed over the years so the typical buyer of these homes. The best way to find out what the typical home buyer is like and what they are looking for in a home is to turn to the National Association of REALTORS (NAR) annual survey of Home Buyers and Sellers. Annually, NAR produces the results of the massive survey they conduct and just today they released the 2014 survey results which I will highlight below.
- 33% were first- time buyers which is down significantly from the historical norm of 40% showing younger people (the millennial’s in particular) are not as interested in home ownership as their parents were at their age.
- The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53.
- The median income of first-time buyers was $68,300, $84,500 for all buyers and $95,000 for repeat home buyers.
- Almost two-thirds (65%) were married couples.
- 24% bought a home because they had a desire to own a home, 9% purchased due to job relocation or move and 8% bought due to change in family situation or to be in a better area.
What are home buyers today buying?
- 16% bought a new home.
- The typical home purchased was 20 years old, had 1,870 square feet with 3 bedrooms and 2 baths.
- 79% of the homes purchased were detached single-family homes.
- 13% of the people over 50 years of age bought a home in a senior housing development
How are buyers finding the homes they buy?
- 43% looked online for homes for sale as the first step in the process
- 92% used the internet in some way in their home search process
- 50% used a mobile website or app in their home search
- 98% used a real estate agent in their home search process
- The typical buyer viewed 10 homes over a 10 week period
- 86% bought a home through a real estate agent or broker.
