Overview of Home Buyer Data
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Transcript of Overview of Home Buyer Data
Overview of Home Buyer Data
Jessica LautzNational Association of REALTORS®
Research DivisionAugust 20, 2013
Characteristics Purchased by First-Time Buyers and Repeat
BuyersCharacteristic First-Time Buyers Repeat Buyers
Size of Home 1,745 2,000
Year Home was Built 1990 1998
Number of Levels 2 1
Number of bedrooms:
One 3% 2%
Two 17 17
Three or more 80 79
Number of Full Bathrooms:
One 29% 15%
Two 57 61
Three or more 14 24
Garage 75% 80%
2013 Home Features Survey
Characteristics Purchased by LocationCharacteri
sticSmall Town
Rural Area Urban-Central City
Suburb-Subdivision
Resort-Recreation
Size of Home
1,700 1,800 1,670 2,000 1,800
Year Home was Built
1986 1997 1989 1999 2002
Number of Levels
1 1 1 2 2
Number of bedrooms:
One 3% 3% 7% 1% 6%
Two 19 16 26 12 35
Three or more
78 81 67 87 65
Number of Full Bathrooms:
One 62% 65% 48% 51% 61%
Two 36 33 43 44 33
Three or more
3 3 9 5 6
Garage 73% 63% 72% 88% 63%
2013 Home Features Survey
No New Homes to Buy
2012 Profile of Home Buyers and Sellers
Neighborhood Features by Location
Neighborhood Features All Buyers Small town Rural area
Urban-Central city
Suburb-Subdivision
Resort-Recreation
areaWooded lot/many trees 17% 16% 30% 15% 14% 22%Open lot/few trees 12 9 15 19 11 8
Water view 8 6 7 10 6 43Waterfront property 5 5 5 7 4 33
Corner lot 5 3 4 11 4 6
Cul-de-sac lot 5 4 4 7 6 6On or near golf course 3 2 2 4 2 8
2013 Home Features Survey
Neighborhood Features by LocationAll
Buyers
Suburb/ Subdivisi
onSmall town
Urban/ Central
cityRural area
Resort/ Recreation
area
Quality of the neighborhood 61% 68% 55% 61% 41% 53%Convenient to job 43 47 36 51 33 13Overall affordability of homes 39 41 39 38 34 21Convenient to friends/family 35 37 34 35 34 24Design of neighborhood 26 29 20 28 18 29Convenient to shopping 26 28 18 31 19 24Quality of the school district 25 30 22 15 22 6Convenient to schools 22 25 22 20 19 3Convenient to entertainment/leisure activities 19 20 10 33 8 34Convenient to parks/recreational facilities 18 18 15 22 11 29Availability of larger lots or acreage 16 14 16 7 45 4Convenient to health facilities 10 10 9 12 9 19Home in a planned community 8 10 6 3 4 29Convenient to public transportation 6 4 3 21 2 2
Convenient to airport 5 5 3 8 3 14
2012 Profile of Home Buyers and Sellers
Top Features by LocationFeature Small
TownRural Area
Urban-Central City
Suburb-Subdivision
Resort-Recreation
Central Air Conditioning
55% 57% 59% 73% 65%
Walk-In Closet 29 39 35 44 43
New Kitchen Appliances
23 26 32 32 39
Single level home 24 25 23 24 20
En-suite Master Bath
23 32 30 40 49
Hardwood floors 21 20 30 24 18
Eat-in kitchen 19 24 26 26 27
Home less than 5 years old
9 17 16 17 312013 Home Features Survey
Top Features by Region
2013 Home Features Survey
Feature Northeast
Midwest South West
Central Air Conditioning
48% 66% 79% 52%
Walk-In Closet 33 28 49 36
New Kitchen Appliances
32 22 36 25
En-suite Master Bath 29 25 42 32
Basement 27 28 11 8
Home less than 5 years old
13 13 21 12
Commuting Costs
2012 Profile of Home Buyers and Sellers
Environmentally Friendly Features
2012 Profile of Home Buyers and Sellers
Compromises on Home Purchase
First-time Buyers
Repeat Buyers
Price of Home 19% 16%
Size of Home 20 14
Condition of Home
16 16
Lot Size 14 12
Style of Home 14 12
Distance from Job
16 10
2012 Profile of Home Buyers and Sellers
What Does Age Have to do With it?
Characteristics of Home Purchased 32 and Younger
33 to 47
48 to 57
58 to 66
67 to 87
88 and Older
Previously Owned
85% 84% 84% 82% 82% 83%
Detached Single Family
80 85 80 76 68 61
Median Price
$165,000
$235,000
$200,000
$185,000
168,000 191,000
Median Square Foot
1,700 2,100 2,000 1,800 1,750 1,500
Median Year Built
1986 1991 1993 1995 1997 1991
2013 Home Buyer and Seller Generational Trends
Location by Generations
AGE OF HOME BUYER
All Buyer
s32 and
younger33 to
4748 to
5758 to
6667 to
87
88 and
older Suburb/Subdivision 51% 50% 55% 50% 51% 49% 42%
Small town 18 19 17 17 17 22 17Urban area/Central city 17 21 17 16 13 13 21Rural area 12 10 11 14 13 8 21Resort/Recreation area 3 * 1 3 6 8 *
2013 Home Buyer and Seller Generational Trends
2013 Home Buyer and Seller Generational Trends
Neighborhood Choice
32 and Younger
33 to 47
48 to 57
58 to 66
67 to 87
88 and Older
Quality of the Neighborhood
68% 65% 55% 56% 52% 30%
Convenient to Job 62 48 43 25 4 *
Overall Affordability of Homes
48 37 35 38 27 32
Convenient to Friends/Family
44 29 28 37 45 46
Convenient to Schools
29 36 15 4 3 *
2013 Home Buyer and Seller Generational Trends
Environmentally Friendly Features Considered “Very Important”
2013 Home Buyer and Seller Generational Trends
Expected Length of Tenure in Home Purchased
Median0
5
10
15
20
25
30
35
10
20 20 20
15
30
32 and Younger 33 to 47 48 to 5758 to 66 67 to 87 88 and Older
2013 Home Buyer and Seller Generational Trends
The Search Process
Use of the Internet Increased
• More than ½ of buyers starting home search online
• Real estate related searched on Google.com have grown 253% over the past 4 years
2012 Profile of Home Buyers and Sellers, 2013 The Digital House Hunt: Consumer and Market Trends in Real Estate
2013 Home Buyer and Seller Generational Trends
Internet Searchers Use All Search Methods More
2012 Profile of Home Buyers and Sellers, 2013 The Digital House Hunt: Consumer and Market Trends in Real Estate
Agents Still Central to Search
2012 Profile of Home Buyers and Sellers, 2013 The Digital House Hunt: Consumer and Market Trends in Real Estate
Actions Taken from Viewing Homes Online
2012 Profile of Home Buyers and Sellers
Satisfaction in Buying Process
2012 Profile of Home Buyers and Sellers
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 is in process was finding the right home
2012 Profile of Home Buyers and Sellers
Where to find NAR Research
• Jessica Lautz: [email protected], 202-383-1155
• NAR Research www.realtor.org/research-and-statistics
• Economists’ Outlook Blog: economistsoutlook.blogs.realtor.org
• FaceBook: facebook.com/narresearchgroup• Twitter: twitter.com/NAR_Research