Characteristics of Homes Purchased in 2011 Profile of Home Buyers and Sellers

By
Mortgage and Lending with The Jonathan Arnold Team of Inlanta Mortgage
https://activerain.com/droplet/tF4

Characteristics of Homes Purchased in 2011 Profile of Home Buyers and Sellers

Characteristis of Homes Purchased in 2011 Profile of Home Buyers and Sellers

 

It is important for all of us to understand the characteristics of the homes that were purchased from mid 2010 to mid 2011 so we understand how the homes stack up to the home buyers.

  • 16% of homes purchased where new construction
  • Typical size home was 1,900sq ft
  • Typical age of home was 18yrs (built in 1993)
  • Typically the home purchased had 3 bedrooms and 2 bathrooms
  • 77% of homes purchased were detached single family residences
  • The top three factors influencing neighborhood choice are: quality of neighborhood, convenience to work and overall affordability
  • 87% of buyers felt heating and cooling costs were somewhat important
  • 73% of buyers considered commuting costs somewhat important


Previous Posts on the 2011 Profile of Home Buyers and Sellers

2011 Profile of Home Buyers and Sellers Introduction

2011 Profile of Home Buyers and Sellers Environment & Characteristics of Home Buyers

Posted by

 

 
 
  Katrina Cole  

Katrina Cole

Business Development

The Jonathan Arnold Team
   


Inlanta Mortgage, Inc
2029 Celadon Dr NE
Grand Rapids, MI 49525

 
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Rainer
42,957
Kristen Crabtree
Century 21 Hometown Realty - Pismo Beach, CA

Very interesting information Katrina! I look forward to reading more about this in the next few weeks.

Feb 22, 2012 03:11 AM #1
Rainer
119,944
Katrina Cole
The Jonathan Arnold Team of Inlanta Mortgage - East Grand Rapids, MI
Inlanta Mortgage, Business Development Manager

Kristen, thank you for the comment.  I am starting to wonder how long it is going to take me to get through all the good stuff, lol.  I look forward to bringing you some more information I hope you can use to advance your business.

Feb 22, 2012 03:25 AM #2
Ambassador
428,985
Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

How do schools stack up in those decisions about neighborhood.  I thought it would be higher on the list than it obviously is.

Feb 22, 2012 07:55 AM #3
Rainer
119,944
Katrina Cole
The Jonathan Arnold Team of Inlanta Mortgage - East Grand Rapids, MI
Inlanta Mortgage, Business Development Manager

Rich, I will cover some of those things a bit more in later posts, but for a quick answer:  Part of the difference in the importance of the schools is that 64% of the home buyers in the survey period had no children in the household and only 20% had 2 or more children. 

Those are some of the changes I believe we are seeing with a smaller number of first time home buyers and increase in repeat older buyers.

Feb 23, 2012 12:26 AM #4
Rainmaker
387,816
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Great info Katerina!  Was this for the general market or for West Michigan specifically?

Feb 23, 2012 07:58 AM #5
Rainer
119,944
Katrina Cole
The Jonathan Arnold Team of Inlanta Mortgage - East Grand Rapids, MI
Inlanta Mortgage, Business Development Manager

This is based on the National averaged stats by NAR.  I have been in search of some great local stats, but some of what I have seen is not backed up by anything solid.  I am still on the hunt :-)

Feb 24, 2012 01:06 AM #6
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Rainer
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Katrina Cole

Inlanta Mortgage, Business Development Manager
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