First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent.
The typical buyer was 44 years old again for the third straight year in a row, and the median household income for 2015 rose again this year to $88,500.
Sixty-six percent of recent buyers were married couples,17 percent were single females, seven percent were single males, and eight percent were unmarried couples.
Eleven percent of home buyers purchased a multi-generational home, to take care of aging parents, for cost savings, and because of children over the age of 18 moving back home.
Ninety percent of recent home buyers identified as heterosexual, three percent as gay or lesbian, one percent as bisexual, and seven percent preferred not to answer.
Eighteen percent of recent home buyers are veterans and two percent are active-duty service members.
At 31 percent, the primary reason for purchasing a home was the desire to own a home of their own.
Characteristics of Homes Purchased
Buyers of new homes made up 14 percent and buyers of previously owned homes made up 86 percent.
Most recent buyers who purchased new homes were look-ing to avoid renovations and problems with plumbing or electricity at 34 percent. Buyers who purchased previously-owned homes were most often considering a better price at 32 percent.
Detached single-family homes continue to be the most common home type for recent buyers at 83 percent, followed by seven percent of buyers choosing townhomes.
Senior-related housing stayed the same this year at 14 percent, with 20 percent of buyers typically purchasing condos and eight percent purchasing townhomes.
There was a median of 12 miles between the homes that recent buyers purchased and the homes that they moved from.
Home prices increased slightly this year to a median of $227,700 among all buyers. Buyers typically purchased their homes for 98 percent of the asking price.
The typical home that was recently purchased was 1,900square feet, had three bedrooms and two bathrooms, and was built in 1991.
Heating and cooling costs were the most important environmental features for recent home buyers, with 84 per-cent finding these features at least somewhat important.
Overall, buyers expect to live in their homes for a median of12 years, while 18 percent say that they are never moving.
The Home Search Process
For 44 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 17 percent of buyers first contacted a real estate agent.
Seventy-nine percent of recent buyers found their real estate agent to be a very useful information source. Online websites were seen as the most useful at 86 percent.
Buyers typically searched for 10 weeks and looked at a median of 10 homes.
The typical buyer who did not use the internet during their home search spent only four weeks searching and visited four homes, compared to those who did use the internet and searched for 10 weeks and visited 10 homes.
Among buyers who used the internet during their home search, 89 percent of buyers found photos and 85 percent found detailed information about properties for sale very useful.
Sixty percent of recent buyers were very satisfied with their recent home buying process, up from 59 percent a year ago.
Home Buying and Real Estate Professionals
Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker, and six percent purchased directly from a builder or builder’s agent.
Having an agent to help them find the right home was what buyers wanted most when choosing an agent at 50percent.
Forty-two percent of buyers used an agent that was referred to them by a friend, neighbor, or relative and 11percent used an agent that they had worked with in the past to buy or sell a home.
Nearly seven in 10 buyers interviewed only one real estate agent during their home search.
Eighty-eight percent of buyers would use their agent again or recommend their agent to others.
Author:KC Cormack Phone: 415-690-3346 Dated: November 6th 2016 Views: 469 About KC: Originally from Southern California, KC moved to San Francisco in 1990. After entering the real esta...
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