Characteristics of Home Buyers
- First-time buyers made up 32 percent of all home buyers, down from 33 percent last year.
- The typical buyer was 44 years old, and had a median household income of $86,100.
- Sixty-seven percent of recent buyers were married couples, 15 percent were single females, nine percent were single males, and seven percent were unmarried couples.
- Thirteen percent of home buyers purchased a multi-generational home to take care of aging parents, for cost savings, and because children over the age of 18 are moving back home.
- Ninety percent of recent home buyers identified as heterosexual, three percent as gay or lesbian, one percent as bi-sexual, and seven percent preferred not to answer.
- Eighteen percent of recent home buyers are veterans and three percent are active-duty service members.
- At 30 percent, the primary reason for purchasing a home was the desire to own a home of their own.
Home Sellers and Their Selling Experience
- The typical home seller was 54 years old, with a median household income of $104,100.
- For all sellers, the most commonly cited reason for selling their home was that it was too small (16 percent), followed by a job relocation (14 percent), and the desire to move closer to friends and family (13 percent).
- Sellers typically lived in their home for nine years before selling, declining from 10 years in last year’s report.
- Eighty-nine percent of home sellers worked with a real estate agent to sell their home
- For recently sold homes, the final sales price was a median 98 percent of the final listing price.
- Recently sold homes were on the market for a median of four weeks.
- Thirty-seven percent of all sellers offered incentives to attract buyers.
- This year, home sellers cited that they sold their homes for a median of $40,000 more than they purchased.
- Sixty-one percent of sellers were very satisfied with the selling process.
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Source: National Association of Realtors® 2015 Profile of Home Buyer and Seller