The 2011 National Association of Realtors® Profile of Home Buyers & Sellers survey results has just been published. My take-away from the stats is that people are returning to a little more conservatism in their purchase habits. That is a good thing given the rather reckless spending that occurred in the early part of the decade that ultimately led to people losing their homes.
- 78% believe their home is a good investment and 45% believe it’s better than stocks.
First-Time Buyers
- Median age was 31. Median income was $62,400, up from $59,900 in the 2010 survey.
- They typically purchased a 1570 sq ft home costing $155,000.
- Their typical monthly P&I payment was $794.
- Their median down payment was 5%.
Repeat Buyers
- Median age was 53. Median income was $96,600, up from $87,000 in the 2010 survey.
- They typically purchased a 2100 sq ft home costing $219,500.
- Their typical monthly P&I payment was $1006.
- Their median down payment was 15%.
All Buyers Collectively
- 64% are married couples; 18% are single women; 10% are single men; 7% are unmarried couples; and 1% are “other”.
- Last year survey results were 58% – 20% – 12% – 8% – 1% respectively. NAR suggests that the increase in married couples points to married couples with their dual incomes being better positioned for a mortgage in the tight credit environment.
- 77% purchased a single-family home; 9% purchased a condo, 8% bought a townhouse; and 6% bought another type of housing.
- The typical home had 3 bedrooms and 2 baths.
- 51% of the homes were in a suburb or subdivision. 18% were in an urban area. 18% were in a small town. 11% were in a rural area. 3% were in a resort/recreational area.
- 89% used a real estate agent to buy. 7% bought direct from the builder.
- When asked where they first learned about the home they PURCHASED, 40% replied the Internet; 35% from real estate agent; 11% yard sign/open house; 6% friend/neighbor/relative; 5% home builder; 2% print/newspaper ad; 2% direct from seller; and less than 1% from a home book or magazine.
Details about the survey
NAR mailed an 8-page questionnaire in July/August 2011 to a national sample of 81,099 home buyers & sellers who purchased their homes between July 2010 thru June 2011. From the sample, there were 5,708 usable responses, giving a 7.3% response rate.
House of Representatives Passes Health Care Reform Bill
This blog is for real estate and I intend to keep it that way. I don’t intend to turn it into a political blog but since our government is making decisions that affect the real estate industry, I’m finding that to keep you up-to-date on the real estate industry, I should advise you of those changes that impact your ability to own and keep your home long-term. I like to read “both sides” so I can be a better informed citizen.
Last night, the House passed a Health Care Reform bill. This morning there has been much discussion on Facebook and Twitter about the good or bad of the bill. I’m still trying to sort it out and determine how it will affect me. Maybe you’re trying to do the same thing.
So far, I’ve found a couple links … I’m sure there will be more, and as I find them I’ll add them here.
Here is an interactive map from the New York Times of how the Representatives voted by state. You can click over the map to see how your representative voted.
Here is a Wall Street Journal summary of some key points to the bill. Read through it to decide how it will affect your own life.
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Posted in Central Ohio, Commentary, Media, Newspaper
Tagged central ohio real estate market news, health care reform bill