Statistics provided by National Association of Realtors®
The National Association of Realtors® recently published the results of their 2012/2013 Home Buyer and Seller Survey – The results are interesting and indicate a strong sellers market along with a recovering economy. Our hopes are high for this recovery and the future of Real Estate. Investing in Real Estate is still a smart move and proves to have a high return in the long run, either by increased home values or as a passive income stream.
2013 Home Buyer by Numbers:
- 38% of home buyers were first-time buyers – still not reaching the average of 40%
- 14% of buyers purchased a multi-generational home – which is an increasing trend due to children staying in the home longer or taking care of aging parents. We are prepared to see more of this trend.
- While the average age of a home buyer in 2013 42-years-old, the average first-time buyer was 31 and the average repeat buyer 52.
- The gross household income increased from $72,200 in 2010 to an improved $83,300 in 2013 – hopefully a trend that will support a continued economic growth
- Since 2010 through 2013, home purchases of married couples have steadily increased by nearly 8% from 58% to 66% – the highest since 2001.
- 40% of all home buyers had children in the home, an increase of 4% over 2012 and a total increase of 5% from 2010.
Characteristics of the Average Home That Sold in 2013:
- 1,900 square feet in size
- Built in 1992
- With 3 bedrooms and 2 bathrooms
If you have a home to sell, listing it now is the right choice: Interest rates are still down (anywhere between 3.5 and 4.5 depending on loan and credit score)