2006 Profile of Home Buyers and Sellers-Virginia Report
The 2006 Profile of Home Buyers and Sellers describes the characteristics and motivations of recent home buyers and sellers in Virginia and in so doing helps real estate professionals track the changing demands of consumers in a dynamic market. Here are some of the interesting facts:
CHARACTERISTICS OF HOME BUYERS
• The median age of home buyers was 40 years old. Among first-time buyers, the median age was 33.
• The median household income of home buyers was $85,500 compared to $71,800 in the U.S.
• 62 percent of home buyers reported that there were no children under age 18 residing in the home.
• 62 percent of home buyers were married couples, 25 percent single females, 6 percent single males, and 7 percent were unmarried couples.
• First-time home buyers accounted for 29 percent of homes purchased in 2006.
• 54 percent of first-time home buyers were between 25 and 34 years old.
• The median income of first-time home buyers was $71,300 compared to $58,300 among all first-time buyers nationally.
CHARACTERISTICS OF HOMES PURCHASED
• 63 percent of homes purchased were detached single family homes.
• The typical home buyer purchased a home 16 miles from their previous residence.
• The median price of homes purchased was $334,300 compared to $214,000 in the U.S.
• The typical buyer purchased a home that was 1,956 square feet in size.
• Recent home buyers plan to live in their home a median of 5 years.
THE HOME SEARCH PROCESS
• Recent home buyers searched for a home for a median 8 weeks and saw a median 8 homes.
• 89 percent of home buyers used a real estate professional during their home search.
• 61 percent of home buyers used the Internet frequently to search for homes.
• Among home buyers, the typical Internet searcher was 39 years old and visited a median 9 homes. The typical home buyer that did not use the Internet to search for homes was 52 years old and saw a median 7 homes.
• 42 percent of home buyers first learned about the home they purchased from a real estate professional; 25 percent first learned about the home they purchased through the Internet.
• 73 percent of buyers viewed the Internet as a very useful tool in their home search.
• 72 percent of buyers rated real estate agents as a very useful information source with an additional 20 percent rating them somewhat useful.
HOME SELLERS AND THEIR SELLING EXPERIENCE
• The median age of home sellers was 45 years; they had a median household income of $96,300.
• 65 percent of home sellers were married and 59 percent had no children under 18 years old living at home.
• The typical home seller owned their home for 5 years.
• The typical home was on the market for 4 weeks. 60 percent of home sellers did not reduce their asking price before their home sold.
• 90 percent of sellers used an agent or broker to sell their home.
• 68 percent of all sellers were very satisfied with the selling process.
HOME SELLERS AND REAL ESTATE PROFESSIONAL
• 75 percent of sellers contacted only one agent before selecting one to help assist in the sale of their home.
• When selecting a real estate professional, 48 percent of sellers received a recommendation from a friend, neighbor or relative.
• 60 percent of sellers used the same agent for their home purchase.
• 86 percent of sellers used the Internet to market their home.
• 90 percent of sellers used an agent that provided a broad range of services and managed most aspects of the sales transaction.
• 66 percent of sellers reported they would definitely use the same real estate agent again.
FOR SALE BY OWNER SELLERS (FSBO)
• 8 percent of sellers sold their home without the assistance of an agent compared with 12 percent of sellers nationally. Among all sellers, 4 percent were FSBO sellers who knew the buyer.
• 79 percent of FSBO sellers sold a detached single-family home.
• The median selling price of FSBO homes was $249,500 compared with $313,400 for agentassisted home sales.
Click Here to download complete report
2006 Profile of Home Buyers and Sellers NATIONAL ASSOCIATION OF REALTORS®
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