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2012 Profile of Home Buyers and Sellers Press Highlights
1. Profile of Home Buyers and Sellers 2012
News Release
November 10, 2012
2. Methodology
• Surveys mailed to 93,502 households
• Response rate 9.1 percent with 8,501 responses
• Purchased a home between July 2011 and June 2012
• Addresses from Experian
• Reflect distribution of home sales in each state
3. What is covered?
• Ask buyers about:
– Basic demographics
– Type of home
– Search process
– Relationship with agent
– Home financing
• Ask sellers about:
– Basic demographics
– Home selling experience
– Relationship with agent
– FSBO vs agent-assisted sales
4. Demographic Changes Since 2010
2012 Profile 2011 Profile 2010 Profile
Median Age 42 45 39
Gross HH Income $78,600 $80,900 $72,200
Household 65% married 64% married 58% married
Composition couples, couples, couples,
16% single females, 18% single females, 20% single females,
9% single males, 10% single males, 12% single males,
8% unmarried 7% unmarried 8% unmarried
couples couples couples
Children in Home 41% 36% 35%
Own a 2nd Home 19% 19% 14%
7. Desire to Own Home Remains Top Reason to Buy
All Buyers First-time Buyers Repeat Buyers
Desire to own a home of my own 30% 60% 11%
Desire for larger home 11 3 16
Job-related relocation or move 9 3 13
Change in family situation 8 9 8
Affordability of homes 7 11 5
Desire to be closer to family/friends/relatives 6 1 9
Desire for a home in a better area 6 3 7
Retirement 4 1 7
Desire for smaller home 4 0 6
Desire to be closer to job/school/transit 4 2 5
Establish household 2 3 1
Desire for a newly built or custom-built home 2 1 2
Financial security 1 1 1
Desire for vacation home/investment property 1 0 1
Purchased home for family member or relative 1 1 1
Tax benefits 1 1 1
Greater number of homes on the market for
sale/better choice 1 1 1
Other 4 2 5
8. Increased Purchases in Senior-related Housing
All buyers over 50
Share who purchased a home in senior-related housing 14%
Among buyers over 50 who purchased senior related housing
Type of home purchased:
Detached single-family home 63%
Townhouse/row house 8
Apartment/condo in building with 5 or more units 12
Duplex/apartment/condo in 2 to 4 unit building 7
Other 11
Location:
Suburb/ Subdivision 45%
Small town 21
Urban/ Central city 10
Rural area 7
Resort/ Recreation area 17
9. Expected Tenure Remains High
AGE OF HOME BUYER
All Buyers 18 to 24 25 to 44 45 to 64 65 or older
1 year or less 1% 2 1% 1% 2%
2 to 3 years 2 2 2 1 2
4 to 5 years 7 14 10 4 2
6 to 7 years 2 1 4 1 0
8 to 10 years 13 17 15 12 9
11 to 15 years 6 8 5 5 7
16 or more
years 26 18 27 32 18
Don't Know 43 39 37 43 61
Median 15 10 12 20 15
10. Actual Tenure Among Sellers Remains High
10
9 9 9
8 8
Years in Home
7 7
6 6 6 6 6 6 6
5
4
3
2
1
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
11. Tightened Inventory Affecting Home Search
• Buyers saw 10 homes before
buying-drop from 12 homes
• Typically look for 12 weeks
total and 3 weeks before
contacting an agent
• 51% of buyers reported
hardest task in process was
finding the right home
13. Agent Use By Buyers & Sellers Remains High
• 89% of buyers purchased their home through a real estate agent or
broker
– Most want help finding right home
– Benefited from help understanding the process
– High importance on honesty and integrity
• 88% of sellers were assisted by an agent
– Sell w/in specific timeframe
– Help market home
– Find a buyer for the home
– Reputation and honesty and integrity important
15. Reasons Behind Selling as FSBO
• Among the 9% of FSBOs
– One-third knew the buyer
– Two-thirds did not know the buyer
• For FSBO sellers who did not know the
buyer
– 20% were contacted by a buyer they
did not know asking to buy home
increase from 15 percent in 2010
Notas do Editor
Increased incrementally from 11% in 2010
96% of buyers under 44 used internetMore than ½ started search online—looking at properties for sale or info about home buying process42% found the home they purchased online