Home Buyers Searched An Average Of 12 Weeks For Their New Home
The National Association Of Realtors (NAR) conducts an annual survey of home buyers and sellers evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and sellers.
Some highlights from the most recent 2012 NAR report.
Characteristics Of Home Buyers:
– 39% of recent home buyers were first time buyers, a slight rise from 2011, but close to the historical norm of 40%
– The typical home buyer was 42 years old – a decrease from the average in 2011 of 45
– First time home buyers averaged 31 years of age – repeat buyers were 51 years old on average
– Median income of buyers was $78,600. The median was $61,800 for 1st time home buyers, and $93,100 for repeat buyers
– 65% of buyers were married – the highest share since 2001. 16% were single females – the lowest share since 2001
– The typical buyer searched for 12 weeks for a new home, and viewed 10 homes
Characteristics Of Homes Purchased:
– New homes accounted for only 16% of purchases
– The typical home purchased by a 1st time buyer was 1,900 square feet in size, built in 1992, had 3 bedrooms and 2 baths, and was priced at $154,100, repeat buyers purchased homes with a median price of $220,000
– 79% of the homes purchased were detached single family homes
Financing The Purchase:
– 87% of buyers financed their purchase. The typical amount financed was 91% of the purchase price
– 96% of 1st time buyers financed their home compared to 81% of repeat buyers
– 40% of buyers reported the mortgage application and approval process was somewhat or more more difficult than expected
Home Sellers:
– 46% of sellers traded up to a larger size and higher priced home
– The typical seller lived in their home for 9 years. In 2007 the typical tenure was only 6 years
– Sellers typically sold their home for 95% of the listing price, and 60% reduced their price at least once
– 40% of sellers offer incentives to buyers, such as seller assists and home warranties
Wallingford PA Real Estate – Wallingford, PA 19086
