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Characteristics
of Home Buyers:
- Forty-seven
percent of recent home buyers were
first-time buyers.
- The typical
first-time home buyer was 30 years
old, while the typical
repeat buyer was 48 years old.
- The 2009
median household income of buyers
was $73,100. The
median income was $61,600 among
first-time buyers and $88,100
among repeat buyers.
- Twenty-one
percent of recent home buyers were
single females, and 10
percent were
single males.
- For one-third
of recent home buyers, the primary
reason for the recent
home purchase was
a desire to own a home.
- Characteristics
of Homes Purchased:
- New home purchases were at the
lowest level in eight years—down to
18 percent of all recent home
purchases.
- The typical home purchased was
1,800 square feet in size and was
built in 1991.
- Seventy-eight percent of home
buyers purchased a detached single
family home.
- The median price of home
purchased was $210,000 in the
Northeast, $158,000 in the Midwest,
$175,000 in the South, and $240,000
in the West.
- When
considering the purchase of a home,
commuting costs were
considered very or somewhat
important by 78 percent of buyers.
-
The Home
Search Process:
- For more than one-third of home
buyers, the first step in the
home-buying process was looking
online for properties.
- Nine in ten home buyers and 94
used the Internet to search for
homes.
- Real estate agents were viewed
as a very useful information source
by 81 percent of buyers who used an
agent while searching for a home.
- The typical home buyer searched
for 12 weeks and viewed 12 homes.
-
Home Buying
And Real Estate
Professionals:
- Seventy-seven percent of buyers
purchased their home through a real
estate agent or broker.
- Ten percent of buyers purchased
a home in foreclosure, up from 3
percent in 2008.
- Forty-four percent of buyers
found their agent through a referral
from a friend or family member.
-
Financing
The Home Purchase:
- Ninety-two percent of home
buyers financed their recent home
purchase.
- The percentage of first-time
buyers who financed 100 percent of
the
purchase price with a mortgage
dropped to 15 percent from 23
percent last year.
- Nearly half (47 percent) of home
buyers reported they have made some
sacrifices such as reducing spending
on luxury items, entertainment or
clothing.
- One-fifth of
first-time buyers reported their
mortgage application and
approval process
was somewhat more difficult than
they
expected, and
one-in-ten
reported it was much more difficult
than expected.
-
Home Sellers
And Their Selling
Experience:
- About half of home sellers
traded up to a larger size and
higher priced home and slightly more
than one-fifth traded down to a
smaller and less expensive home.
- Eighty-five percent of sellers
were assisted by a real estate agent
when selling their home.
- Recent sellers typically sold
their homes for 95 percent of the
listing price, and 60 percent
reported they reduced the asking
price at least once.
- Forty-two percent of sellers
offered incentives to attract
buyers, most often assistance with
home warranty policies and closing
costs.
-
Home Sellers
And Real Estate
Professionals:
- Forty percent of sellers who
used a real estate agent found their
agents through a referral by friends
or family, and 26 percent used the
agent they worked with previously to
buy or sell a home.
- Ninety percent of sellers
reported that their home was listed
or advertised on the Internet.
- Among recent sellers who used an
agent, 81 percent reported they
would definitely (59 percent) or
probably (22 percent) use that real
estate agent again or recommend to
others.
- For Sale
By Owner Sellers
(FSBO):
- The share of home sellers who
sold their home without the
assistance of a real estate agent
was 11 percent. About half of them,
45 percent, knew the buyer prior to
home purchase.
- The primary reason that sellers
choose to sell their home without
the
assistance of a real estate agent to
a buyer they did not know was that
they did not want to pay a fee or
commission (49 percent).
- Nearly one-third of FSBO sellers
took no action to market their home,
and 57 percent did not offer any
incentives to attract buyers.
- Eighteen percent of FSBO
sellers reported preparing or fixing
up the home for sale was their most
difficult task, while 15 percent
reported getting the price right and
an additional 15 percent reported
understanding and performing
paperwork was the hardest part of
selling their home.
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New Homes Research,
Inc. |
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330 E. Warm Springs Rd.
Las Vegas, NV.
89119 |
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Licensed Real Estate Professionals
in Nevada,
Las Vegas, North Las Vegas, &
Henderson
Buyer
Brokerage & Seller Brokerage,
Residential, New & Resale, Land &
Commercial
Researching Southern Nevada Since
1983
We Provide Research, Statistics, Reports,
Education
for Real Estate Companies, Brokers, Agents,
Builders and Clients |
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800-458-3390 |
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