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Use the data to improve your business through knowledge of the latest trends and statistics. The survey was conducted with recent home buyers who purchased a home between July 2008 and June 2009. The share of home buyers who used the internet to search for a home increased to an all-time high of 97%. First-time buyers made up only 26% of all buyers, down from 34% last year and a peak of 50% in 2010 during the First-Time Home Buyer Tax Credit. The age of the typical first-time buyer was 36 years – up from 33 years one year ago – and the typical repeat buyer's age climbed to 59 years from 56 years in 2021. The median expected home tenure for first-time buyers was 18 years, the highest ever recorded and up from 10 years in 2021.
Affordability, economic, and buyer & seller profile data for areas in which you live and work. National, regional, and metro-market level housing statistics where data is available. Percent of veterans and nine percent of non-military plan to do the same. Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. 50 percent also purchased an older home, while 1/3 purchased a newer home.
Highlights From the Profile of Home Buyers and Sellers
But today’s buyers said they planned to stay in their abodes for a median of 15 years. Buyers paid a median $257,000 for their properties, forking over 98% of the asking price. And the overwhelming majority of them, 86%, needed financing (i.e., mortgages) to make that happen.
It has grown and evolved to keep up with changing home buying trends and the need for more information. NAR first administered the survey in 1981 with just 59 questions. One measure of how the market has changed is the manner in which the data is collected. Today, recent home buyers can take the survey via paper or online, and in English or Spanish. Because of its long history and timely information available each year, the report is valued by REALTORS®, market analysts, and policymakers. Continuing a long-standing trend, the overwhelming majority of buyers (86%) and sellers (87%) hired a real estate agent or broker to purchase or sell their homes.
NAR Profile of Home Buyers and Sellers Highlights
Lautz noted that several reasons were behind the decisions among last year's buyers to seek homes farther distances away from their previous residences. At just 26%, the share of first-time buyers was the lowest since NAR began tracking the data. The typical first-time buyer was 36 years old – an all-time high. Folks stayed in their properties for a median 10 years before moving on.
Not surprisingly, today’s buyers tend to be well-educated, as education typically leads to higher incomes. Nearly three-quarters, or 69%, of buyers had obtained at least a bachelor’s degree. By contrast, less than 1% of buyers didn’t finish high school, and 19% stopped their education after high school.
Education
88% of buyers recently purchased their home through a real estate agent or broker, and 6% purchased directly from a builder or builder’s agent. The NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers is an annual survey of recent home buyers and sellers who purchased in the last year, from July 2019 to June 2020. This report allows industry professionals to gain insight into detailed buying and selling behavior. The shares of homes purchased in small towns (29%) and rural areas (19%) were all-time highs. First-time buyers aren’t getting any younger either, and they make up about a third of those scouring the market for a home. The report is based on a survey of nearly 6,000 buyers who purchased primary residences between July 2018 and July 2019.
They wanted to make sure their homes were convenient and had appropriate outdoor space for their pets. The market is beginning to shift as more homes are making their way onto the market. That’s giving buyers more choice and slowing the out-of-control price appreciation of the last few years. 86% of sellers listed their homes on the Multiple Listing Service , which is the number one source for sellers to list their home. 80% of recent sellers contacted only one agent before finding the right agent they worked with to sell their home. Recently sold homes were on the market for a median of two weeks, an increase from one week last year.
When asked where their internet searches were conducted, they typically conducted 60% of their search on a mobile device, and a 34% on a desktop/laptop. The typical home that was recently purchased was 1,800 square feet, had three bedrooms and two bathrooms, and was built in 1986. At 22%, the primary reason for purchasing a home was the desire to own a home of their own.
They sold their properties for a median $60,000 more than what they originally paid for them. About 70% sold their homes and bought new ones within the same state. Their top reason for moving was to be closer to their family and friends. That was followed by needing a larger abode or having to move for work.
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To see what your friends thought of this book,please sign up. 91% of recent home buyers identified as heterosexual, 2% as gay or lesbian, 2% as bisexual, and 5% preferred not to answer. REALTOR® MagazineAdvancing best practices, bringing insight to trends, and providing timely decision-making tools. Continuing Education Meet the continuing education requirement in state where you hold a license. NAR REALTOR Benefits®Bringing you savings and unique offers on products and services just for REALTORS®. Competition in Real EstateLocal broker marketplaces ensure equity and transparency.
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Nearly nine in 10 buyers (86%) and sellers (87%) purchased or sold a home using a real estate agent or broker. Everyone keeps talking about these first-time buyers who make up about about 33% of all buyers, down from 34% the previous year. Well, for starters, they tend to be older millennials with a median age of 32.
Buyers typically purchased their homes for 99% of the asking price. Data is collected from a nationally representative sample of recent home buyers who purchased a primary residence in the 12-month period between July and June. Data is also representative of the geographic distribution of home sales. Consumer names are obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records. Results are representative of owner-occupants and do not include investors or vacation homes. The median age of home sellers was 60 years, up from 56 years one year ago.
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