Cincinnati Real Estate

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Kathy S. Koops GRI

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Profiles of Home Buyers and Sellers in 2015

filed under: Real Estate posted on November 17th, 2015

Cincinnati Real Estate

The National Association of Realtors (NAR) publishes a yearly report profiling home buyers and sellers. Here are some of the highlights from the recently released 2015 survey:

Home Buyer Characteristics

  • Typical buyer was 44 years old and a median household income of $86,100.
  • 1st time buyers made up 32% of all home buyers- down from 33% last year.
  • 13% purchaed a multi-generational home to take care of aging parents, for cost savings and because children over the age of 18 are moving back home.

Characteristics of Homes Purchased

  • 34% of buyers were looking to avoid problems with plumbing or electricty.
  • 83% purchased detached single family homes
  • There was only a median of 14 miles between the homes that recent buyers purchased and the homes they moved from.

Home Seller Characteristics

  • Typical seller was 54 years old with a median household income of $104,100.
  • 37% of all sellers offered incentives to attract buyers.
  • Recently sold homes were on the market for a median of 4 weeks

Financing

  • For 13% of buyers the most difficult step in the home buying process was saving for a downpayment.
  • 86% of recent buyers financed their home purchase.
  • 60% of buyers the source of their downpayment came from their savings.  38% of buyers cited using the proceeds from the sale of their primary residence -that was the next most commonly way of financing a home purchase.

Our  local real estate market shares some of characteristics reflected in the report-however for sellers the best incentive to sell a home is pricing it right and ensuring the property is in good condition.  And buyers- get your financing ducks in a row.  Make sure you have provided a reputable lender with the required information to process your loan -if and when you write a contract.

You can view the entire report on the NAR site – 2015 Home Buyer and Home Seller Profiles

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