Who Are Today’s Home Buyers and Sellers?
What does the typical home buyer or home seller look like? The annual survey from the NATIONAL ASSOCIATION OF REALTORS® came out late last year in a 100+ page report detailing just that and some of the answers may surprise you. We’ve compiled a list of highlights and the infographic supplied by NAR.
The Typical Home Buyer
- At 30 percent, the primary reason for purchasing a home was the desire to own a home of their own.
- Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker.
- Eighty-eight percent of buyers would use their agent again or recommend their agent to others.
The Typical Home Seller
- The typical home seller medial age was 54 years old.
- The typical tenure in the home was 9 years (an all-time high).
- Only eight percent of recent home sales were FSBO (For Sale By Owner) sales. This is the lowest share recorded since this report started in 1981.
Financing the Home Purchase
- Eighty-Six percent financed their purchase.
- The median down payment was 6% for first-time buyers and 14% for repeat buyers.
- Fixed-rate mortgages were the most popular type of financing at 91%, followed by FHA at 23% and VA at 11%.
The Home Search Process
- Most started their search online (89%), real estate agents (87%), mobile/tablet apps (57%), mobile/tablet search engines (54%), yard signs (51%), open houses (48%).
- First heard of home purchased – online (44%), real estate agent (33%), yard sign/open house (9%), friend/neighbor/relative (6%), home builder (6%), directly from seller (2%), newspaper ad (1%).
- Ninety-one percent of buyers were satisfied with their buying process.