A National Association of REALTORS® survey named the “2013 Profile of Home Buyers and Sellers” provided some interesting insight to the characteristics of home buyers and the type of home they purchased.
Savvy home sellers can read this data to do what they can to make their home more appealing to buyers. While the savvy home buyer can understand what their competition is thinking and be strategic in their home search.
Keep in mind that this is national data and real estate markets are hyper-local, so consult a local real estate agent who can walk you through what is happening in your area.
Characteristics of Home Buyers
- 38% of recent home buyers were first-time buyers, which is still at a suppressed level from the historical norm of 40%.
- 14% of buyers purchased a multi-generational home due to children over the age of 18 moving back into the house, cost savings, and health and caretaking of aging parents.
- The typical buyer was 42-years-old, while the typical first-time buyer was 31 and the typical repeat buyer was 52.
- The 2012 median household income of buyers was $83,300. The median income was $64,400 among first-time buyers and $96,000 among repeat buyers.
- 66% of recent home buyers were married couples—the highest share since 2001.
Characteristics of Homes Purchased
- New home purchases continue to drag at a share of 16% of all recent home purchases.
- New home purchasers bought a new home to avoid renovations or problems with plumbing or electrical, and the ability to customize their home. Home buyers who bought previously owned homes purchased their home for a better price and overall value, and the charm and character their home provides.
- The typical home purchased was 1,900 square feet in size, was built in 1992, and had three bedrooms and two bathrooms.
- 80% of home buyers purchased a detached single-family home.
- 14% of recent buyers over the age of 50 bought a home in senior-related housing, either for themselves or for a friend or relative.
- When considering the purchase of a home, heating and cooling costs were at least somewhat important to 85% of buyers and commuting costs were considered at least somewhat important by 73% of buyers.