Tag Archive | "NAR Buyer Profile 2011"

National Association of Realtors Buyer Profile 2011

The real estate industry has access to the National Association of Realtors (NAR) nationwide survey that is distributed each year. Here are some points on the “Characteristics of Home Buyers” and “Characteristics Of The Homes They Purchased” for 2011. Every year, we see a strong “desire to own and home” as homeownership is a goal for many people. And, while first-time buyer numbers are down nationally, the lower end of the market has been fueling the activity in Fairfield County, offsetting the sluggish higher end.

Characteristics of Home Buyers

  • Thirty-seven percent of recent home buyers were first- time buyers, a drop from 50 percent in 2010.
  • The typical buyer was 45-years-old, a jump from 39-years-old in 2010.
  • The 2010 median household income of buyers was $80,900. the median income was $62,400 among first-time buyers and $96,600 among repeat buyers.
  • Sixty-four percent of recent home buyers were married couples—the highest share since 2001.
  • For 27 percent of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.

Characteristics of Homes Purchased

  • New home purchases continue to drag at a share of 16 percent of all recent home purchases.
  • The typical home purchased was 1,900 square feet in size, was built in 1993, and had three bedrooms and two bathrooms.
  • Seventy-seven percent of home buyers purchased a detached single-family home.
  • The quality of the neighborhood, convenience to job, and overall affordability of homes are the top three factors influencing neighborhood choice, however neighborhood choice varies considerably among household compositions.
  • When considering the purchase of a home, heating and cooling costs were at least somewhat important to 87 percent of buyers and commuting costs were considered at least somewhat important by 73 percent of buyers.

 

 

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on National Association of Realtors Buyer Profile 2011


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