The National Association of Realtors recently published its annual "Profile of Home Buyers and Sellers." Here are some of the highlights:
· The number of first-time homebuyers jumped to 47 percent of all homes purchased. In 2006, when the market was booming, only 36 percent of all purchases were first-time homebuyers.
· Only 49 percent of first-time homebuyers were married couples compared to 69 percent of repeat homebuyers being married. When it comes to first-time homebuyers, 25 percent were single females (a slight decrease over the past few years), 12 percent were single males and 12 percent were unmarried couples. These are not emerging markets. They have emerged.
· 85 percent of all homebuyers were Caucasian (84 percent in 2004), and 5 percent were listed as being African American, Hispanic or Asian. And 96 percent of all buyers listed English as their primary language.
· 15 percent of homeowners own more than one home, yet stories persist that second homes and investment properties are on the decline.
· One stat that has remained pretty consistent over the years is the distance between the home purchased and the previous residence. This year provided little change as the number came in at 12 miles. This statistic demands that you consider repeat business and database management.
· With all of the talk of home prices dropping, stalled markets and great deals to be had, here is an interesting finding. 21 percent of all buyers purchased their homes for less than 90 percent of the asking price while 27 percent of buyers purchased their homes at or above asking price.
· 90 percent of all homebuyers used the Internet for their home search compared to 65 percent in 2003. There are many more statistics presented in this year's profile than in 2003.
· 13 percent had a purchase agreement that was cancelled, terminated or fell through.
· The study reported that 92 percent of purchasers obtained financing for their new home and the median percent financed was also 92 percent. It was reported that 15 percent of purchasers did 100 percent financing, which was down from 23 percent in 2008 and 29 percent in 2007.
· 93 percent of all purchasers said that they were not rejected for a mortgage by a single lender.
· In 2005, the National Association of Realtors released their findings in a 36-page document; this year's book is 112 pages. To purchase this book, click here.