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Home Buyer Characteristics: 

– 32% First Time Home Buyers

– Typical buyer 44 years old and median household income $86,100

– 67% Married couples, 15% single female, 9% single male, 7% unmarried couple

– 13% bought multi-generational homes with room for parents or children over 18 moving back

– 30% bought for the desire to own their own home

Home Purchased Characteristics:

– 16% bought new, 84% bought used

– 83% bought single family detached homes

– 14% bought senior housing

– Average buyer only moved 14 miles from previous home

– Buyers paid about 98% of their asking price

– Typical home 1,900 sq. feet, 3 bed, 2 bath built in 1991

– Expect to live in their home for 14 years

Home Search Process:

– Buyers took typically 10 weeks to search and viewed 10 homes before buying

– Buyers not using the internet took 5 weeks and viewed 5 homes before buying

– 59% of buyers were satisfied with their home buying process

– Buyers looked online as the first step to buying, 14% contacted agent as first step

– 87% of buyers found photos and detailed property information most important online

– 78% of buyers found their agent as a useful information source

Home Buying and Agents:

– 87% of buyers purchased through an agent

– 53% wanted their agent to help them find the right home for them

– 41% of buyers found their agent by referral

– 70% only interviewed one agent

– 86% of buyers would recommend their agent to others

Home Purchase Financing:

– 86% of buyers financed their purchase and typically 90% loan to value

– 60% of down payments came from savings, 38% equity from existing home

– 46% of buyers saved their down payment within 6 months

– 51% of buyers found it hard to save because of student loans, 47% credit card debt

– 86% see buying real estate as a good financial investment

Home Sellers:

– Average age was 54 years old, median household income $104,100

– Reasons for selling 16% too small, 14% job relocation, 13% closer to family

– Sellers lived in their home 9 years before selling

– 89% listed their home with an agent

– Sellers on average got 98% of their asking price

– Average days on market 30 days

– 37% of sellers offered buyers some kind of incentive

– Sellers on average made $40,000 more than what they paid for their home

– 61% of sellers were satisfied with the selling process

– 72% interviewed only one agent

– 91% marketed their home on MLS

– 76% of sellers paid the real estate fees

– 32% of sellers recommended their selling agent more than 3 times