In the world we live in, knowing stats and numbers can only help you make a wise financial investment. So we decided to do the grunt work for you! Here is a market update that we gathered using Realtor.org. Let us know what you think!
Home Buyer Statistics
First-Time vs. Repeat Buyers:
First-time buyers: 32%
Median age of first-time buyers: 31
Median age of repeat buyers: 53
Median household income of first-time buyers: $69,400
Median household income of repeat buyers: $98,700
The typical home purchased in 2014 was 1,900 square feet in size, was built in 1991, and had three bedrooms and two bathrooms.
Among those who financed their home purchase, buyers typically financed 90% of the home price.
87% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
Buyers who definitely would use same agent again: 72%
Information sources used in home search:
Real estate agent: 87%
Yard sign: 51%
Mobile of tablet website or application: 57%
Open house: 48%
Mobile or tablet search engine: 54%
Print newspaper advertisement: 20%
78% of home buyers surveyed in NAR’s 2013 Community Preference Survey responded that neighborhood quality is more important than the size of the home. 57% would forego a home with a larger yard in favor of a shorter commute.
Home Seller Statistics
The typical home seller in 2013 was 54 years of age, had a median household income of $104,100, and lived in their home for 9 years.
89% of sellers were assisted by a real estate agent when selling their home.
Recent sellers typically sold their homes for 98% of the listing price, and 43% reported reducing the asking price at least once.
The typical home sold was on the market for 4 weeks.
42% of sellers who used a real estate agent found their agents through a referral by friends or family, and 24% used the agent they previously worked with to buy or sell a home.
Sellers who definitely would use same agent again: 67%
For Sale By Owner (FSBO) Statistics
FSBOs accounted for 8% of home sales in 2014. The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales.