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National Assoc of Realtors – 2018 PROFILE OF HOME BUYERS

National Assoc of Realtors – 2018 PROFILE OF HOME BUYERS

2018 PROFILE OF HOME BUYERS 

HIGHLIGHTS
Characteristics of Home Buyers
*First-time buyers made up 33 percent of all home buyers,a decrease from last year’s 34 percent.
*The typical buyer was 46 years old this year, and the median household income for 2017 rose again this year to $91,600.
*Sixty-three percent of recent buyers were married couples,18 percent were single females, nine percent were single males, and eight percent were unmarried couples.
*Twelve percent of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
*Eighty-nine percent of recent home buyers identified as heterosexual, four percent as gay or lesbian, one percent as bisexual, and seven percent preferred not to answer.
*Eighteen percent of recent home buyers were veterans and three percent were active-duty service members.
* At 29 percent, the primary reason for purchasing a home was the desire to own a home of their own.
Characteristics of Homes Purchased
*Buyers of new homes made up 14 percent and buyers of previously owned homes made up 86 percent.
*Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 38 percent. Buyers who purchased previously-owned homes were most often considering a better price at 32 percent.
*Detached single-family homes continued to be the most common home type for recent buyers at 82 percent, followed by eight percent of buyers choosing town homes or row houses.
*Senior-related housing stayed the same this year at 13 percent, with 18 percent of buyers typically purchasing condos and 11 percent purchasing a townhouse or row house.
*There was a median of only 15 miles between the homes that recent buyers purchased and the homes that they moved from.
*Home prices increased slightly this year to a median of$250,000 among all buyers. Buyers typically purchased their homes for 99 percent of the asking price.
*The typical home that was recently purchased was 1,900 square feet, had three bedrooms and two bathrooms, and was built in 1991.
*Heating and cooling costs were the most important environmental features for recent home buyers, with 84 percent finding these features at least somewhat important.

Overall, buyers expected to live in their homes for a median of 15 years, while 19 percent said that they were never moving.

The Home Search Process
*For 44 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 17 percent of buyers first contacted a real estate agent.
*Seventy-eight percent of recent buyers found their real estate agent to be a very useful information source. Online websites were seen as the most useful information source at 88 percent.
*Buyers typically searched for 10 weeks and looked at a median of 10 homes.
*The typical buyer who did not use the internet during their home search spent only four weeks searching and visited four homes, compared to those who did use the internet and searched for 10 weeks and visited 10 homes.
* Among buyers who used the internet during their home search, 87 percent of buyers found photos and 85 percent found detailed information about properties for sale very useful.
*Sixty-two percent of recent buyers were very satisfied with their recent home buying process.
Home Buying and Real Estate Professionals
*Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker, and six percent purchased directly from a builder or builder’s agent.
*Having an agent to help them find the right home was what buyers wanted most when choosing an agent at 52 percent.
*Forty-one percent of buyers used an agent that was referred to them by a friend, neighbor, or relative and 12 percent used an agent that they had worked with in the past to buy or sell a home.
*Sixty-eight percent of buyers interviewed only one real estate agent during their home search.
*Ninety percent of buyers would use their agent again or recommend their agent to others.
Financing the Home Purchase
*Eighty-eight percent of recent buyers financed their home purchase. Those who financed their home purchase typically financed 87 percent.
*First-time buyers who financed their home typically financed 93 percent of their home compared to repeat buyers at 84 percent.
*For 58 percent of buyers, the source of the down payment came from their savings. Thirty-nine percent of buyers cited using the proceeds from the sale of a primary residence,which was the next most commonly reported way of securing a down payment.
*For 13 percent of buyers, the most difficult step in the home buying process was saving for a down payment.
*Of buyers who said saving for a down payment was difficult,50 percent of buyers reported that student loans made saving for a down payment difficult. Thirty-seven percent cited credit card debt, and 35 percent cited car loans as also making saving for a down payment hard.
*Buyers continue to see purchasing a home as a good financial investment. Eighty-four percent reported they view a home purchase as a good investment.
 SOURCE: https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers?__s=q5wtvicraspraugx3mqs

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