Characteristics of Home Buyers
1. Forty-seven percent of recent home buyers were first-time buyers.
2. The typical first-time home buyer was 30 years old, while the typical repeat buyer was 48 years old.
3. The 2008 median household income of buyers was $73,100. The median income was $61,600 among first-time buyers and $88,100 among repeat buyers.
4. Twenty-one percent of recent home buyers were single females, and 10 percent were single males.
5. For one-third of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.
Characteristics of Homes Purchased
1. New home purchases were at the lowest level in eight years—down to 18 percent of all recent home purchases.
2. The typical home purchased was 1,800 square feet in size and was built in 1991.
3. Seventy-eight percent of home buyers purchased a detached singlefamily home.
4. The median price of home purchased was $210,000 in the Northeast, $158,000 in the Midwest, $175,000 in the South, and $240,000 in the West.
5. When considering the purchase of a home, commuting costs were considered very or somewhat important by 78 percent of buyers.
The Home Search Process
1. For more than one-third of home buyers, the first step in the home-buying process was looking online for properties.
2. Nine in ten home buyers and 94 used the Internet to search for homes.
3. Real estate agents were viewed as a very useful information source by 81 percent of buyers who used an agent while searching for a home.
4. The typical home buyer searched for 12 weeks and viewed 12 homes Home Buying and Real Estate Professionals
5. Seventy-seven percent of buyers purchased their home through a real estate agent or broker.
6. Ten percent of buyers purchased a home in foreclosure, up from 3 percent in 2008.
7. Forty-four percent of buyers found their agent through a referral from a friend or family member.
Financing the Home Purchase
1. Ninety-two percent of home buyers financed their recent home purchase.
2. The percentage of first-time buyers who financed 100 percent of the purchase price with a mortgage dropped to 15 percent from 23 percent last year.
3. Nearly half (47 percent) of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.
4. One-fifth of first-time buyers reported their mortgage application and approval process was somewhat more difficult than they expected, and one-in-ten reported it was much more difficult than expected.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210
"Carolina Joe" Idleman