The National Association of Realtors (NAR) recently released their annual report regarding the home buying process. Some of the summary points are:
• Fifty percent of recent home buyers were first-time buyers
• The typical first-time home was 30 years old
• The typical repeat buyer was 49 years old
• The 2009 median household income of buyers was $72,200. The median income was $59,900 among first-time buyers and $87,000 among repeat buyers
• Twenty percent of recent home buyers were single females, and 12 percent were single males
• For one-third of recent home buyers, the primary reason for their recent home purchase was a desire to own a home
• New home purchases were at the lowest level in nine years – down to 15 percent of all recent home purchases
• The typical home purchased was 1,780 square feet in size, was built in 1990, and had three bedrooms and two bathrooms
• The typical home buyer searched for 12 weeks and viewed 12 homes
