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.
