Shorewest Reports: What Does a Home Buyer or Seller Look Like in 2013?

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Here are some highlights from the National Association of REALTORS® (NAR) 2013 Profile of Home Buyer and Sellers.

Home Buyers

• The typical buyer was 42 years old, where the typical first-time buyer is 31 and the typical repeat buyer was 52.
• 66% of recent home buyers were married couples — the highest share since 2001.
• For 30% of buyers, the primary reason for a recent home purchase was the desire to own a home.
• 14% of buyers purchased a multi-generational home due to children over the age of 18 moving back into the house, cost savings and health and caretaking of aging parents. Shorewest reported on this “trend that’s here to stay” last year.

Home Sellers

• The typical seller lived in their home for nine years, an increase since 2007, where typical tenure was only six years.
• 88% of sellers were assisted by a real estate agent when selling their home.
• For-sale-by-Owner (FSBO) homes sold for an average of $184,000, compared to $230,000 among real estate agent-assisted home sales, similar to numbers we reported earlier this year.
• Recent sellers typically sold their homes for 97% of the listing price, indicating the overall improvement and health in the real estate industry.

Characteristics of Homes Purchased

• The typical home purchased was 1,900 square feet in size, built in 1992 and had three  bedrooms and two bathrooms.
• New home purchases are still down in comparison to the earlier 2000s, comprising only 16% of all recent home purchases.
• 14% of recent buyers over the age of 50 bought a home in senior-related housing, either for themselves or for a friend or relative. Our report on Baby Boomer buying habits helps explain this trend further.
• New home purchasers bought a new home to avoid renovations or problems with plumbing or electrical and the ability to customize their home. Home buyers who bought previously owned homes purchased for a better price and overall value, plus the charm and character their home provides.

 

Tags: buying a home, Home Buying, Home Selling, homes for sale, NAR, National Association of Realtors, profile of buyers and sellers, real estate agent, Realtors, selling a home

Categories: Home Buying, Home Selling, Real Estate News