Profile of Today's Real Estate Buyer

first time home buyersThe 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
  • 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

*******

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

Search Western Montana Homes & Land Contact Kevin & Monica Ray, Access Realty

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.

3 commentsMonica Ray • March 31 2009 06:49PM

Comments

Very Interesting Facts, thanks for sharing the valuable information

Posted by Kathy Kooyman (Home Realty) about 1 year ago

Thanks Kathy, we find it helpful also and missed the earlier release of the data.

Posted by Monica Ray (JAM Media Group) about 1 year ago

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.

Posted by Troy Erickson - Your Chandler, Gilbert, Queen Creek Realtor (Terra Solis Realty, LLC) about 1 year ago

This blog does not allow anonymous comments