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Recently, the National Association of Realtors (NAR) released their 2015 Profile of Home Buyers and Sellers assessing the characteristics of homebuyers and their home purchases in the past year. For the report, NAR sent a 127-question survey to 72,206 homebuyers in July 2014; these homebuyers had to have bought their home between July 2013 and June of 2014. NAR received 6,572 responses to their study.
The profile revealed the following key findings:
Homebuyers
- The typical homebuyer was 44 years old, with a median household income of $86,100
- 83 percent of homebuyers bought a detached single-family home
- 67 percent of buyers were married couples, 15 percent single females, nine percent single males and seven percent unmarried couples
- 87 percent of buyers purchased their home through a real estate agent or broker
- 32 percent of homebuyers were first-time buyers, down from 33 percent a year ago
- 88 percent of buyers would use their agent again or recommend their agent to others
Home sellers
- The typical home seller was 54 years old, with a median household income of $104,100
- The most prevalent reason for selling was that the house was too small, followed by needing to relocate for a job
- Eight percent of home sales were FSBO, the lowest share recorded since the survey began in 1981
- Home sellers reported selling their homes for $40,000 more than they purchased it, on average
- 89 percent of home sellers utilized a real estate agent to sell their home
In relation to the drop in first-time buyers, NAR chief economist Lawrence Yun articulates that while there are many factors helping first-time purchasers, there are also things impeding them such as high rents, debt repayment and difficulties obtaining a mortgage. In the last year, buyer participation from married couples increased by two percent, single female buyers decreased by one percent and male buyers remained the same.
As is the case with the drop in first-time buyers, while NAR’s survey reveals positives for the housing market, it also sheds lights on numerous, and serious issues.
To view the 2015 Profile of Home Buyers and Sellers, please click here.