Overview of Home Buyer Data
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Overview of Home Buyer Data

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Presented to Neighborworks Session, August 20, 2013

Presented to Neighborworks Session, August 20, 2013
Jessica Lautz, National Association of REALTORS®, Research Division

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  • Increased incrementally from 11% in 2010
  • 96% of buyers under 44 used internetMore than ½ started search online—looking at properties for sale or info about home buying process42% found the home they purchased online
  • 96% of buyers under 44 used internetMore than ½ started search online—looking at properties for sale or info about home buying process42% found the home they purchased online

Overview of Home Buyer Data Overview of Home Buyer Data Presentation Transcript

  • Overview of Home Buyer Data Jessica Lautz National Association of REALTORS® Research Division August 20, 2013
  • Characteristics Purchased by First-Time Buyers and Repeat Buyers Characteristic 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 Location Characteristic Small 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 View slide
  • No New Homes to Buy 2012 Profile of Home Buyers and Sellers View slide
  • Neighborhood Features by Location Neighborhood Features All Buyers Small town Rural area Urban-Central city Suburb- Subdivision Resort- Recreation area Wooded 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 43 Waterfront property 5 5 5 7 4 33 Corner lot 5 3 4 11 4 6 Cul-de-sac lot 5 4 4 7 6 6 On or near golf course 3 2 2 4 2 8 2013 Home Features Survey
  • Neighborhood Features by Location All Buyers Suburb/ Subdivision Small town Urban/ Central city Rural area Resort/ Recreation area Quality of the neighborhood 61% 68% 55% 61% 41% 53% Convenient to job 43 47 36 51 33 13 Overall affordability of homes 39 41 39 38 34 21 Convenient to friends/family 35 37 34 35 34 24 Design of neighborhood 26 29 20 28 18 29 Convenient to shopping 26 28 18 31 19 24 Quality of the school district 25 30 22 15 22 6 Convenient to schools 22 25 22 20 19 3 Convenient to entertainment/leisure activities 19 20 10 33 8 34 Convenient to parks/recreational facilities 18 18 15 22 11 29 Availability of larger lots or acreage 16 14 16 7 45 4 Convenient to health facilities 10 10 9 12 9 19 Home in a planned community 8 10 6 3 4 29 Convenient 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 Location Feature Small Town Rural 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 31 2013 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 Buyers 32 and younger33 to 47 48 to 57 58 to 6667 to 87 88 and older Suburb/Subdivision 51% 50% 55% 50% 51% 49% 42% Small town 18 19 17 17 17 22 17 Urban area/Central city 17 21 17 16 13 13 21 Rural area 12 10 11 14 13 8 21 Resort/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 10 20 20 20 15 30 0 5 10 15 20 25 30 35 Median 32 and Younger 33 to 47 48 to 57 58 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: jlautz@realtors.org, 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