There is no “typical” Florida homebuyer or seller, but the most recently released “Profile of Home Buyers and Sellers Florida Report” provides an overview of the types of buyers and sellers currently operating in the state.
The report provides a baseline for Realtors’ business decisions. Where do most Floridians start a home search? How do they finance the purchase? How many home sellers choose to go it alone and sell FSBO?
Report highlights: Homebuyers
• 25 percent of recent homebuyers were first-time buyers in Florida, compared to a national level of 39 percent – a slight rise from 2011.
• The typical Florida buyer was 55 years old; nationally, the typical buyer was 42 years old, a modest decrease from 45 in 2011.
• The 2011 median household income of Florida buyers was $74,200 ($78,600 nationally). The median income was $55,600 among first-time buyers ($61,800 nationally) and $82,200 among repeat buyers ($93,100 nationally).
• In Florida, 66 percent of buyers were married (65 percent nationally).
• In Florida and nationally, 16 percent of buyers were single females.
• In Florida, 22 percent of buyers cited “desire to own a home” as their primary reason for buying a home, compared to 30 percent nationally.
Characteristics of homes purchased
• New homes made up 20 percent of Florida home sales (16 percent nationally).
• 76 percent of Florida buyers chose a detached single-family home (79 percent nationally.
• Top three factors influencing neighborhood choice: Quality of neighborhood, convenience to job and overall affordability of homes. However, neighborhood choice varies considerably among households.
• A home’s heating and cooling costs were at least somewhat important to 84 percent of Florida buyers (87 percent nationally); commuting costs were at least somewhat important to 63 percent (76 percent nationally).
Home search process
• For 40 percent of Florida buyers, the first home buying step was to look at properties online (41 percent nationally); and 10 percent looked for info about the home buying process online (11 percent nationally).
• In Florida, 86 percent of all buyers (90 percent nationally) and 95 percent of buyers younger than 44 (96 percent nationally) used the Internet in their home search.
• 99 percent of Florida buyers who used a real estate agent viewed it as a useful information source (97 percent nationally).
• The typical homebuyer in Florida searched for 10 weeks and viewed 10 homes, compared to 12 weeks and 10 homes on a national level.
• Nine in 10 recent buyers were satisfied with the home buying process in Florida and nationally.
• In Florida, 84 percent bought a home through a real estate agent or broker (89 percent nationally).
• In Florida, 35 percent of buyers in Florida used a referral from a friend or family member to find an agent and 8 percent used an agent they had used previously to buy or sell a home. Nationally, 40 percent of buyers found their agent through a referral and 10 percent used an agent they had used before.
• Slightly more than 57 percent of recent buyers in Florida only interviewed one agent before they found the agent they worked with, compared to about two-thirds of recent buyers nationally.
• In Florida, 87 percent of buyers would use their agent again or recommend him or her to others.
Financing the home purchase
• In Florida, 70 percent of buyers financed their recent purchase (87 percent nationally); and if they did, 89 percent of the purchase price was financed (91 percent nationally).
• In Florida, 87 percent of first-time buyers financed their home purchase (95 percent nationally); and 64 percent of repeat buyers financed (81 percent nationally).
• More than a third of homebuyers in Florida and nationally said they made some sacrifices to buy, such as reducing spending on luxury items.
• 25 percent of Florida buyers reported the mortgage application and approval process was somewhat more difficult than expected (23 percent nationally); and 19 percent reported it was much more difficult than expected (17 percent nationally).
Home sellers and their selling experience
• In Florida, the typical seller lived in their home 11 years (9 years nationally, up from only 6 years in 2007).
• In Florida, a real estate agent assisted 92 percent of sellers (88 percent nationally).
• In Florida, recent sellers sold their homes for 93 percent of the listing price (95 percent nationally) and 67 percent reduced the asking price at least once (60 percent nationally).
• In Florida, 32 percent of sellers offered incentives to attract buyers (40 percent nationally).
Home selling and real estate professionals
• In Florida, 40 percent of sellers found their real estate agent through a referral (38 percent nationally); 16 percent used an agent they worked with before (23 percent nationally).
• Two-thirds of home sellers only contacted one agent before making a selection, both in Florida and nationally.
• 88 percent of Florida sellers say their home was listed or advertised online (93 percent nationally).
• In Florida, 81 percent of sellers (84 percent nationally) reported they would definitely or probably use the same real estate agent again or recommend him or her to others.
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