Who is Buying Homes???

Homes sales were up in 2010. So who is buying them? I read some excerpts from the National Association of Realtors’ Profile of Home Buyers and Sellers for 2010. What I read surprised me. Here’s what they said.

The age of homebuyers was surprising.  Forty-two percent of all homebuyers were under the age of 35 and 67 percent of all first-time homebuyers were under 35 years old. Nearly half of all home buyers were under the age of 35. Two thirds of first time home buyers were under the age of 35. 89% of homebuyers searched online. This is up since 2006 when only 80% of buyers were online. So if your home is for sale it has to be all over the internet.  A good Realtor can get your home out there so it is found. For Sale By Owners (FSBO pronounced FIZZBO) did not do well in 2010. 83% of all homes sold were by Realtors.

 50 percent of all homebuyers were first-time homebuyers (36 percent in 2006, 41 percent in 2008). I particularly like that number. If the starter homes are not selling, then the move up homes will not sell. The cycle begins with the 1st time buyer and if that part is not being fed with homeowners, not investors then the market stalls.  23 percent of all first-time homebuyers were single females and 15 percent were single males. WOW 45 % of all 1st time homebuyers were not married. I suspect this number is slightly lower based upon partnerships instead of marriages that some couples prefer. However it is still remarkable that many are single. 85 percent of all first-time homebuyers make less than $100,000. 75% of 1st time homebuyers lived in an apartment prior to buying a home. The real question is how many lived at home? And how many parents are very happy that their kids live somewhere other than home?

Some more numbers for you:

–       41% of all homes sold were on the market for less than one month –The average in Ada County is 3 months

–       17% of all buyers purchased a home for less than 90 percent asking price. In Ada County homes sell for 96-97% of the listed price on average.

–       11% of all buyers purchased a home for more than 100% asking price

–       81% of all buyers were satisfied with the home buying process 

–       40% of all purchasers found the mortgage process more difficult than expected.

–       92% of all purchasers were not rejected by a single lender – Very Surprising!


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