Florida Realtors releases 2013 profile of Fla. homebuyers and sellers

Florida Realtors releases 2013 profile of Fla. homebuyers and sellers

ORLANDO, Fla. – Jan. 22, 2014 – Florida Realtors® released its 2013 Profile of Florida Homebuyers and Sellers this week, a study compiled by the National Association of Realtors (NAR) as part of its national homebuyer and seller survey.

2013 Florida highlights

Homebuyers
• 27 percent were first-time buyers compared to 38 percent nationally – a lower percentage than the 40 percent historical norm.
• 15 percent of buyers purchased a multi-generational home because children over the age of 18 or aging parents moved back, or for cost or health reasons.
• The typical Florida buyer was 55-years-old; the typical first-time buyer was 34; and the typical repeat buyer was 60.
• The median household income of a Florida buyer was $82,100; nationally, it was $83,300. The median income was $60,400 among first-time Florida buyers and $94,100 among repeat buyers.
• Sixty-six percent of recent homebuyers were married couples.
• 23 percent of recent Florida homebuyers’ primary reason for buying was a desire to own a home.

Characteristics of Florida homes purchased
• In Florida, 22 percent of purchases were new homes.
• The typical home was 1,900 square feet and built in 1996, with three bedrooms and two bathrooms.
• 76 percent of homebuyers bought a detached single-family home nationally.
• 26 percent of buyers over the age of 50 bought a home in some type of senior-related housing.
• When considering the purchase of a home, heating and cooling costs were at least somewhat important to 80 percent of buyers in Florida.

Florida home search process
• For 42 percent of buyers, the first step in the process was looking online for properties, while 12 percent looked online for homebuying information.
• The use of the Internet in the home search rose slightly to 88 percent in Florida, but it was higher nationally: 92 percent.
• Real estate agents were viewed as a useful information source by 97 percent of buyers who used an agent while searching for a home.
• The typical Florida homebuyer searched for 10 weeks and viewed 10 homes.
• In Florida, 87 percent of buyers were satisfied with the homebuying process.

Florida real estate professionals
• In Florida, 82 percent of buyers purchased their home through a real estate agent or broker.
• 32 percent of buyers found an agent through a friend-or-family referral; 9 percent used an agent they had used before to buy or sell.
• 53 percent of recent Florida buyers only interviewed one agent before selecting one.
• 88 percent of buyers would use their agent again or recommend him or her to others.

Financing a Florida home purchase
• 69 percent of homebuyers financed their recent home purchase in Florida. Among those who financed, 93 percent financed 90 percent of it.
• The share of first-time buyers who financed their home purchase was 86 percent compared to 64 percent of repeat buyers.
• More than half of homebuyers say they made sacrifices, such as reduced spending on luxury items, entertainment or clothing.
• 26 percent of buyers said the mortgage application and approval process was somewhat more difficult than expected; 20 percent said it was much more difficult.
• Twelve percent of buyers overall said saving for a downpayment was difficult. Specific Florida problems: 32 percent reported student loans, 52 percent credit card debt and 20 percent car loans as problematic.

Florida home sellers and the selling experience
• The typical seller lived in their home for nine years, up from 2007.
• Sellers typically sold their homes for 96 percent of the listing price, and 52 percent reduced the asking price at least once.
• 10 percent of recent sellers had to delay their home sale because the value of their home was worth less than their mortgage.
• 32 percent of sellers offered incentives, most often assistance with home warranty policies and closing costs overall.

For-Sale-by-Owner (FSBO) sellers
• 66 percent of FSBO sellers said the primary reason they sold their home without real estate agent assistance is to avoid paying a fee or commission.
• In Florida, 38 percent of FSBO sellers did not market their home, and 68 percent did not offer incentives.
• The typical FSBO home sold for $223,000 compared to $241,000 among agent-assisted homes.