Friday, December 04, 2009

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.