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.
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.