Home Buyer Stats

Stats about Home Buyers

If you are planning on selling your home, you need to know how buyers think.  A 2014 study by the National Association of Realtors (NAR) asked buyers:

·         Who they are

·         Why they need to buy

·         What would make them buy

 Here are just a few highlights from that study which provides detailed insight into the home buyer's experience with this important transaction.

·         65% of recent home buyers were married couples, the highest share since 2001.

·         33% of home buyers were first-time buyers which were still down from the historical norm of 40% among primary residence buyers.

·         The typical first-time buyer was 31 years old while the typical repeat buyer was 53.

·         The median income was $68,000 among first-time buyers and $95,000 among repeat buyers.

·         79% of home buyers purchased a detached single-family home.

·         For 42% of home buyers, the first step in the home-buying process was looking online for properties. While 14% of home buyers first looked online for information on the complete home buying process.

·         The use of the Internet in the home search process rose slightly to 92%.

·         The typical home buyer searched for 10 weeks and viewed 10 homes.

·         88% of buyers purchased their home through a real estate agent or broker. This share steadily increased from 69% in 2001.

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area.

Find out what your home is worth.