What Type of Buyers Purchase Florida Properties in 2009?

The National Association of Realtors complied data about home buyers who purchased Florida properties in 2009.

Characteristics of homebuyers

• Forty-one percent of recent homebuyers were first-timers, compared to 47 percent nationwide.
• The typical first-time homebuyer was 31 years old, while the typical repeat buyer was 54 years old. Nationwide, first-time buyers were typically 30 and repeat buyers were typically 48 years old.
• The 2008 median household income of buyers was $71,100 – lower than the median income of buyers nationwide at $73,100.
• The median income was $59,300 for first-time buyers and $83,300 for repeat buyers.
• Single females made up 18 percent of recent homebuyers, and single males made up 11 percent. Nationwide, 21 percent were single females, and 10 percent were single males.
• For 29 percent of buyers, a desire to own a home was the primary reason for the home purchase.

Characteristics of homes purchased

• New home purchases dropped to their lowest level in eight years nationwide –18 percent of all recent home purchases. But in Florida, new homes made up 26 percent of purchases.
• The typical home purchased was 1,850 square feet in size and built in 2000.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a Florida home purchased was $176,500, compared to $185,000 nationwide.
• Three in four buyers (77 percent) considered commuting costs as “very” or “somewhat” important.

The home search process

• More than one-third of homebuyers started their home search process by looking online for listings.
• Seventy-five percent of buyers used the Internet to search for homes.
• Buyers had a high opinion of real estate agents, with 81 percent of those who used an agent saying they received very useful information.
• The typical homebuyer searched for 12 weeks and viewed 15 homes, compared to 12 weeks and 12 homes nationwide.

Homebuying and real estate professionals

• Sixty-seven percent of buyers purchased their home through a real estate agent or broker.
• Sixteen percent of buyers purchased a home in foreclosure. Nationally, 10 percent of buyers purchased a home in foreclosure.
• Thirty-nine percent of buyers found their agent through a referral from a friend or family member.
• Sixty-four percent of buyers would definitely use their real estate again or recommend the same agent to others.

Financing the home purchase

• Florida had more cash sales, with 81 percent of buyers financing their recent home purchase. Nationwide, 92 percent financed their recent home purchase.
• The typical buyer financed 93 percent of the home purchase price.
• Nearly half (45 percent) of homebuyers reported they made some sacrifices to buy the home, such as reducing spending on luxury items, entertainment or clothing.
• Thirty-one percent of first-time buyers reported their mortgage application and approval process was “somewhat” more difficult than they expected, and about one-in-ten reported it was “much more” difficult than expected.