Each year, the National Association of Realtors publishes a report profiling the current state of buyers and sellers. The survey covers all housing and real estate related information including demographics, housing characteristics, and the experience of consumers in the housing market. This report provides useful information that can help brokers better understand the needs and expectations of their clients, which can ultimately make you a more successful broker.
Here are some highlights regarding the Characteristics of Home Buyers:
- 38% of recent home buyers were first-time buyers, which is still at a suppressed level from the historical norm of 40%.
- 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.
- The typical buyer was 42-years-old, while the typical first-time buyer was 31 and the typical repeat buyer was 52.
- The 2012 median household income of buyers was $83,300. The median income was $64,400 among first-time buyers and $96,000 among repeat buyers.
- 66% of recent home buyers were married couples—the highest share since 2001.AR
- For 30% of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.
This complete report can be found at the NAR.
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