PUTTING A FACE ON THE GEORGIA HOME BUYER IN 2008

FACES of THE GEORGIA HOMEBUYER  in 2008

 Yes, homes did sell in Georgia during 2008, one of our worst year's in real estate. Curious about the profile of the average home buyer?

• Median age was 39
• First time home buyer median age was 31
• Median house hold income for 2007 for Georgia home buyers was $73,600
• Interesting: 61% of home buyers had no children under 18 living at home
• 9% born outside United States
• 41% first time home buyers
• Median income for first time home buyers was $52,800
• 61% of first time home buyers said their primary reason for buying was a desire to own a home
• 47% of home buyers use social networking sites

CHARACTERISTICS OF PURCHASED HOMES

• 32% of homes purchased were new construction
• Detached homes accounted for 81% of home purchases
• Median price range:  $195,000
• Commute time was on the list of consideration for 80% of buyers
• Buyers expect to live in their home approximately 10 years

HOME SEARCH PROCESS

• 31% of home buyers first researched properties on line
• 15% of first-time home buyers first contacted a real estate agent
• 19% of repeat buyers first contacted a real estate agent
• 89% of all  home buyers used the internet for home searches
• Time involved in the home search was a median of 9 weeks
• 85% of all home buyers used a real estate agent
• 36% of home buyers learned about the home they purchased from a real estate agent
• 83% of buyers found their real estate agent provided very useful information
• 10% purchased foreclosure properties

 HOME BUYING PROCESS

• 76% used a real estate agent to purchase their home
• 46% of buyers were referred to their agent by friend and/or family
• 97% ranked honesty and integrity as "very important" when selecting a real estate agent
• 72% would use their agent again

FINANCING

• 98% financed their home
• 66% of first-time buyers used savings as their source for the down payment
• 48%  of repeat buyers used proceeds from the sale of a home; while 44% used part of savings to assist in the down payment
• 49% believed a home purchase was a better investment than stocks

Source:  NAR

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