The National Association of Realtors(R) published the results to their consumer survey in November.
The results to this survey are helpful when you are marketing a home for sale - who is your target customer for that property and how do you reach them?
I was surprised by a few statistics, including how many buyers are first-time homebuyers but most of the information was on target with what I see in our marketplace. I was also pleased to see that 81% of buyers use a Realtor(R).
Real Estate Buyers
- 41% are First-Time Homebuyers
- 81% use a Realtor, Of buyers who used an agent 61% chose a buyer's agent
- 43% found their Realtor through a referral of some type
- 90% cited environmentally friendly features as important (heating & cooling costs were primary)
- Searched a median of 10 weeks
- Nine out of 10 consider their home a good investment,
- Half of buyers see real estate as a better investment than stocks
- 15% of buyers own two or more homes
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61% are married couples, 20% single women, 10% single men, 7% unmarried couples, 2% other
First-Time Homebuyers
- The typical purchase is a home costing $165,000
- They plan to stay in the home for 10 years
- Median downpayment is 4%
- Source of downpayment - 69% savings, 26% gift from a friend or relative, 7% loan from a friend or relative, and 16% used their 401k, stocks or bonds.
- 92% chose a fixed-rate mortgage
- The Median Age is 30
- Their Median Income is $60,600
Repeat Buyers
- Typical repeat buyer was 47 years and
- Earn on average $88,200
- Purchased a home costing on average $236,000
- Plan on owning that home for 10 years
- Made a median downpayment of 15%
- 10% paid cash for their property
Read More About NAR's Consumer Survey Results
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Kevin and Monica Ray are Missoula Real Estate sales and marketing professionals for Access Realty in beautiful Western Montana. We provide services in, but not limited to: Missoula, Superior, Alberton, Saint Regis, Lolo, Clinton, Turah, Potomac, Florence, Corvallis, and Hamilton
For more information on Kevin and Monica Ray or Western Montana Real Estate, they can be reached at 406-207-1185 or online at www.YourMT.com.
Service, Results, Peace of Mind
Kevin and Monica Ray are Missoula Real Estate sales and marketing professionals for Access Realty in beautiful Western Montana.
We provide services for Buyers and Sellers in Missoula, Mineral,
Ravalli, Sanders, and Lake Counties. Contact us at:
406-822-SOLD (7653) or 406-207-1185
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Very Interesting Facts, thanks for sharing the valuable information
Thanks Kathy, we find it helpful also and missed the earlier release of the data.
Kevin & Monica - I have been seeing more and more first time home buyers getting into the market. Prices are right, interest rates are low, and hello, the $8k first time home buyer tax incentive.