The National Association of Realtors recently released their 2015 Profile of Home Buyers & Sellers. This annual survey provides insight into detailed information about the experiences of home buyers & sellers. Below are highlights from this latest report:
- 30% said the primary reason for purchasing a home was the desire to own a home of their own
- First-time buyers – 32% (lowest since 1987 at 30%)
- Home size – 1,620 sq. ft. (first-timers); 2,020 sq. ft. (repeat buyers)
- Cost – $170,000 (first-timers); $246,400 (repeat buyers)
- Type of home – single-family (83%), townhouse or row house (7%), condo (3%), other (7%)
- Type of neighborhood – suburb/subdivision (52%), small town (20%), urban area (14%), rural area (13%), resort/recreational area (2%)
- Typical home – 3 bedrooms; 2 bathrooms
- 86% financed their purchase
- Median down payment – 6% for first-timers; 14% for repeat buyers
- Type of financing – 91% obtained a fixed-rate mortgage; 23% FHA; 11% VA Loan
- Search methods used – online = 89%, real estate agents = 87%, yard signs = 51%, open houses = 48%
Click here to read more highlights from the report.
