2015 Profile of Home Buyers and Sellers in Subregions

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Transcript of 2015 Profile of Home Buyers and Sellers in Subregions

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    November 13, 2015

    National Association of REALTORS ®  

    Research Division

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    » Survey conducted with recent home buyers who purchased a home between July 2014 – June 2015

    » Seller information gathered from those home buyers

    who sold a home » Mailed 94,971 questionnaires- response rate of 6.7%

    » Names obtained from Experian

    » Data in the presentation is based on medians or the

    typical buyer in the category and is not allencompassing

    2015 Profile of Home Buyers and Sellers

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    6%

    9%

    11%

    36%

    Smaller home

    Family changes

    Larger home

    Desire to own

    % 10% 20% 30% 40%

    Reasons to Purchase Home

    Type of Home Purchased

    Single Family, 81%

    Townhouse, 4%

    Apt/ condo, 5%

    Other, 10%

    11% of buyers bought multi-generational home

    Reasons:

     Health/caretaking of aging parents-22%

     Children over 18 moving back into home-19%

     Cost savings-13%

     Spend more time w/aging parents-13%

    Fast Facts of Buyers:

     Median Age: 39

     Median Income: $94,000

     42% are first-time buyers

     93% are buyers of previously owned homes

     91% bought through an agent/broker

     65% Married couple and 16% single females

     Median years expected to live in home: 15

     12% veterans and 2% active-duty service

    Fast Facts of Sellers:

     Median Age: 52  88% used an agent/broker to sell

    their home

     Number one reason to sell home:

    Home too small

     17% delayed or stalled their home

    sale because their home was worth

    less than their mortgage

     Median number of weeks to sell

    home: 6

     Median percent of listing price received: 97%

     For-Sale-By-Owner (FSBO): 8%

    2015 Profile of Home Buyers and Sellers

    13%

    15%

    15%

    38%

    Other websites

    Multiple Listing Service

    (MLS)

    Realtor.com

    Real estate agent & agent's

    website

    0% 10% 20% 30% 40% 50%

    Where Buyer First Found Home

    Student Loan Debt

     19% had difficulty saving for

    downpayment

     Of that, 51% had student loan

    debt  Length of delay in years: 5

     Amount of debt: $33,000

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    7%

    8%

    11%

    35%

    Smaller home

    Family changes

    Larger home

    Desire to own

    % 10% 20% 30% 40%

    Reasons to Purchase Home

    Type of Home Purchased

    Single-family, 77%

    Townhouse, 10%

    Apt/ condo, 5%

    Other, 8%

    11% of buyers bought multi-generational home

    Reasons:

     Cost savings-23%

     Health/caretaking of aging parents-15%

     Children over 18 moving back into home-14%

     Children over 18 that never left home-12%

    Fast Facts of Buyers:

     Median Age: 42

     Median Income: $82,700

     43% are first-time buyers

     93% are buyers of previously owned homes

     90% bought through an agent/broker

     58% Married couple and 14% single females

     Median years expected to live in home: 20

     16% veterans and 2% active-duty service

    Fast Facts of Sellers:

     Median Age: 57

     85% used an agent/broker to sell

    their home

     Number one reason to sell home:

    Smaller home

     9% delayed or stalled their home

    sale because their home was worth

    less than their mortgage

     Median number of weeks to sell

    home: 6

     Median percent of listing price

    received: 97%

     For-Sale-By-Owner (FSBO): 13%

    2015 Profile of Home Buyers and Sellers

    Student Loan Debt

     16% had difficulty saving for

    downpayment  Of that, 49% had student loan

    debt

     Length of delay in years: 4

     Amount of debt: $27,000

    8%

    9%

    13%

    44%

    Multiple Listing Service

    (MLS)

    Other websites

    Realtor.com

    Real estate agent & agent's

    website

    0% 10% 20% 30% 40% 50%

    Where Buyer First Found Home

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    Type of Home Purchased

    Single-family, 84%

    Townhouse, 4%

    Apt/ condo, 5%

    Other, 7%

    7%

    9%

    11%

    31%

    Smaller home

    Family changes

    Larger home

    Desire to own

    % 10% 20% 30% 40%

    Reasons to Purchase Home

    11% of buyers bought multi-generational home

    Reasons:

     Health/caretaking of aging parents-18%

     Children over 18 moving back into home-14%

     Cost savings-11%

     Children over 18 that never left home-8%

    Fast Facts of Buyers:

     Median Age: 39

     Median Income: $78,700

     37% are first-time buyers

     92% are buyers of previously owned homes

     87% bought through an agent/broker

     62% Married couple and 19% single females

     Median years expected to live in home: 15

     12% veterans and 1% active-duty service

    Fast Facts of Sellers:

     Median Age: 53

     86% used an agent/broker to sell

    their home

     Number one reason to sell home:

    Home too small

     17% delayed or stalled their home

    sale because their home was worth

    less than their mortgage

     Median number of weeks to sell

    home: 4

     Median percent of listing price

    received: 97%

     For-Sale-By-Owner (FSBO): 11%

    2015 Profile of Home Buyers and Sellers

    Student Loan Debt

     15% had difficulty saving for

    downpayment  Of that, 56% had student loan

    debt

     Length of delay in years: 3

     Amount of debt: $30,000

    10%

    12%

    14%

    38%

    Other websites

    Multiple Listing Service

    (MLS)

    Realtor.com

    Real estate agent & agent's

    website

    % 10% 20% 30% 40%

    Where Buyer First Found Home

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    Type of Home Purchased

    Single-family, 80%

    Townhouse, 5%

    Apt/ condo, 3%

    Other, 4%

    6%

    9%

    13%

    28%

    Job relocation

    Family Changes

    Larger home

    Desire to own

    % 10% 20% 30%

    Reasons to Purchase Home

    11% of buyers bought multi-generational home

    Reasons:

     Cost savings-33%

     Health/caretaking of aging parents-8%

     Children over 18 moving back into home-3%

     Children over 18 that never left home-3%

    Fast Facts of Buyers:

     Median Age: 36

     Median Income: $79,900

     40% are first-time buyers

     90% are buyers of previously owned homes

     87% bought through an agent/broker

     72% Married couple and 13% single females

     Median years expected to live in home: 10

     22% veterans and 1% active-duty service

    Fast Facts of Sellers:

     Median Age: 46

     89% used an agent/broker to sell

    their home

     Number one reason to sell home:

    Job relocation

     10% delayed or stalled their home

    sale because their home was worth

    less than their mortgage

     Median number of weeks to sell home: 4

     Median percent of listing price

    received: 98%

     For-Sale-By-Owner (FSBO): 8%

    2015 Profile of Home Buyers and Sellers

    Student Loan Debt

     13% had difficulty saving for

    downpayment  Of that, 54% had student loan

    debt

     Length of delay in years: 3

     Amount of debt: $50,000

    8%

    10%

    13%

    50%

    Multiple Listing Service

    (MLS)

    Other websites

    Realtor.com

    Real estate agent & agent's

    website

    % 10% 20% 30% 40% 50% 60%

    Where Buyer First Found Home

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    Type of Home Purchased

    Single-family, 79%

    Townhouse, 12%

    Apt/ condo, 4%

    Other, 6%

    8%

    8%

    10%

    27%

    Retirement

    Larger home

    Job relocation

    Desire to own

    0% 10% 20% 30%

    Reasons to Purchase Home

    13% of buyers bought multi-generational home

    Reasons:

     Health/caretaking of aging parents-26%

     Cost savings-13%

     Children over 18 moving back into home-12%

     Spend more time w/aging parents-8%

    Fast Facts of Buyers:

     Median Age: 48

     Median Income: $89,600

     28% are first-time buyers

     79% are buyers of previously owned homes

     86% bought through an agent/broker

     68% Married couple and 16% single females

     Median years expected to live in home: 10

     21% veteran