2011 Profile of Home Buyers and Sellers Environment & Characteristics of Home Buyers
We have all gotten to have a front row seat to the changes in the Housing Environment over the last year. In the previous years we had seen a rush to buy to take advantage of home buyer tax credit and record low prices but as we know those have ended.
Home buyers that bought during this survey period (mid 2010 to mid 2011) were buying due to family changes and job relocation and not because of tax incentives. There were still more than one-quarter of home buyers that purchased a home because they had the desire to own a home of their own.
There was a slight sales decline but home values seam to have leveled off as there was not a significant change for the previous year.
Overall the housing environment does still depend on the financial aspects of potential homeowners but these days financial aspects do not stand alone as the primary motivating factor to purchase a home.
CHARACTERISTICS OF HOME BUYERS
- 37% of home buyers were first-time buyers (a drop from 50% in 2010)
- Typical buyer was 45yrs old (a jump from 39yrs in 2010)
- 64% of home buyers were married couples (the highest since 2001)
- 18% of home buyers were single females (the lowest since 2004)
- 27% of home buyers said the primary reason they bought was to own a home of their own
What does all this mean? Obviously, we are dealing with a new home buyer profile but most importantly the American Dream is alive and well.
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