Thinking about selling or already on the market? The National Association of Realtors® (NAR) is always focusing on the housing market and what makes it tick. Personally, the Home Buyer stats point agents and their clients in the right direction for attracting the next buyer.
According to the NAR report:
First-Time vs. Repeat Buyers:
First-time buyers: 33%
The median age of first-time buyers: 33
The median age of repeat buyers: 55
Median household income of first-time buyers: $74,900
Median household income of repeat buyers: $101,600
The typical home purchased was 1,850 square feet in size, was built in 1990, and had three bedrooms and two bathrooms.
Among those who financed their home purchase, buyers typically financed 88% of the home price.
89% of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
Buyers who would use their agent again or recommend their agent to others: 90%