Home Buyers in 2011

The National Association of Realtors recently released it's 2011 Profile of Buyers and Sellers Report.  As expected, there is some very interesting statistics.  A few of the figures about buyers indicate the the age of buyers has changed a little over the past year.    For instance, the report says the typical buyer was 45 years-old in 2011, a jump from 39 years old in 2010. 

In my dealings with clients and open house traffic, I would have to agree.  In the last few months I have seen more older couples looking to down size.  These buyers are also looking for one-level living such as a ranch or raised ranch.  Mid-century modern homes also seem to be popular with this group of buyers.

Here are few other statistics from the report:

Characteristics of Home Buyers

• 37% of recent home buyers were first-time buyers, a drop from 50% in 2010.
• The typical buyer was 45-years-old, a jump from 39-years-old in 2010.
• 64% of recent home buyers were married couples - the highest share since 2001.
• 18% of recent home buyers were single females - the lowest share since 2004.

Characteristics of Home Search Process

• For 35% of home buyers, the first step in the home buying process was looking online for properties.
• The use of the Internet in the home search dipped slightly to 88% from a high of 90% in 2009 as the demographics of home buyers shifted to slightly older repeat buyers from younger first-time buyers.
• Real estate agents were viewed as a useful information source by 98% of buyers who used an agent while searching for a home.
• The typical home buyers searched for 12 weeks and viewed 12 homes.

More information on sellers next time!