Reprinted from April's edition of Illinois Realtor
A SNAPSHOT OF TODAY’S HOME BUYERS AND SELLERS
First-time buyers accounted for a smaller share of the U.S. housing market in 2011 and down payments were slightly higher, according to the latest Profile of Home Buyers and Sellers:
- 37 percent of U.S. home buyers were first-time buyers in 2011, a drop from 50 percent in 2010.
- The use of the Internet in home searches dipped to 88 percent from a high of 90 percent in 2009 as the demographics of home buyers shifted to slightly older repeat buyers from younger first-time buyers.
- The median down payment for all home buyers was 11 percent, ranging from 5 percent for firsttime buyers to 15 percent for repeat buyers, a percentage point higher than 2010.
- 89 percent of buyers purchased their home through a real estate agent or broker.
- About half of home sellers traded up to a larger-sized and higher-priced home and 60 percent purchased a newer home.
- 87 percent of sellers were assisted by a real estate agent when selling their home.
- The typical buyer was 45 years old, a jump from 39 years old in 2010.
(Source: National Association of REALTORS® Profile of Home Buyers and Sellers 2011)