Who are Today's Buyers

As the local market continues to increase, it is a good idea to know as a seller who is buying, what types of homes they are buying, how they are doing their research, and what type of financing they are utilizing.  The following is a list of basic statistics that makes up the majority of today's buyers.
 

Types of Homes Purchased

16% purchased new construction to avoid renovation OR customize a home

1,900 square feet - typical size of home

1992 - average year home was built

3 bedrooms/2 baths typical

80% purchased single-family detached home

14% senior home buyers bought a senior related home either from themselves or a relative

73% considered commuting costs from home to their jobs

85% considered utility costs when buying a home

 

How Homebuyers Searched for a Home to Purchase

42% used the Internet as the first step in the home search process

92% used the Internet on an ongoing basis to continue their search

87% said the information from real estate agents was viewed as "helpful"

12 weeks - typical time when searching for a home

10 homes - average number of homes viewed during the search process

50% - finding the right home for them was the most difficult step in the home-buying process

 

Working with the Real Estate Agent

88% bought their home through a real estate agent

42% found their real estate agent through a referral from a friend or family member

12% repeat buyers who used the same agent they had used before

12% relied on on-line recommendations from others when choosing a real estate agent

66% interviewed only one agent

88% would recommend their agent to others

 

Financing the Home

10% was the average down payment

86% were repeat buyers who took out a mortgage

95% were first-time buyers who took out a mortgage

24% said getting approved for a mortgage was more difficult than expected

43% said student loans made it more difficult to get a mortgage

38% said credit card debt made it more difficult to get a mortgage

31% said auto loans made it more difficult to get a mortgage

 

Matthew T. Smoot-Your "Whatever it Takes" REALTOR®
When You List with Smoot, You Sell with Smoot

With over 9 years in the business I offer my clients the most comprehensive representation in Maryland.  Not only am I a REALTOR, but I also hold a Broker's license, which is the highest and most specialized license a REALTOR can hold.  Customer Service is my Priority, Selling Houses is My Goal!  Contact me for any and all of your Real Estate Needs.  443-504-8930