Thinking about buying a home? Already bought one?
As buying season is rapidly approaching, I thought it would be fun to share some interesting stats about home buyers :
* 63% of home buyers are above the age of 39 years old.
* 21% are above the age of 64 years old.
*Over 94% of all home buyers speak English as their primary language at home.
* Around 12% of buyers aged 29-53 years old were not born in the USA.
* At least 50% of home buyers 39 years and older have owned a home prior to buying a new home.
* The largest percentage of home buyers seeking a smaller home is above the age of 54 years old.
* Only around 2% of homeowners wished they had waited before buying a home.
* 86% of buyers buy existing homes, while 14% buy brand new homes.
* Over 50% of those aged 39 and under want a brand new home to avoid renovation, maintenance, and repairs.
* 38% of all buyers feel the same way.
* 82% of buyers buy a single-family, detached home.
* The average distance between a home purchased and the prior home is 15 miles. Above 64 years old it doubles, swaying averages. Under the age of 53, its under 11 miles.
* 58% of buyers said the neighborhood was their primary choice driver, followed by convenience to job sites, affordability, and convenience to friends and family.
* Just 5% mentioned public transportation.The largest percentage of home buyers buying a home above $500k were aged between 29-53 years old.
* 68% of home buyers bought a house 2,500 sf or smaller. 18% bought homes larger than 3,000 sf.
* 66% of the homes bought were older than 17 years.
* 22% of home buyers compromised on the price and 20% compromised on the condition. 34% made NO compromises!
* Home buyers aged 54-72 years old expect to stay in their homes for at least 20 years.
* 86% of buyers rely on an agent for information about their home search and 93% relied on online information.
* The average buyer spent 10 weeks searching and viewed 10 properties.
* The paperwork and understanding the process accounted for 36% of the most difficult buying steps.
* 87% of buyers rated photos as the most useful and valuable website feature.
* At least 60% of buyers were very satisfied with the home buying process.
* 87% of home buyers used an agent/broker to buy.
* Buyers want the following mostly from agents: help finding the right home, negotiating terms and price.
What else are you looking for in an agent?