overview of home buyer data

Overview of Home Buyer Data

Jessica LautzNational Association of REALTORS®

Research DivisionAugust 20, 2013

Characteristics Purchased by First-Time Buyers and Repeat

BuyersCharacteristic First-Time Buyers Repeat Buyers

Size of Home 1,745 2,000

Year Home was Built 1990 1998

Number of Levels 2 1

Number of bedrooms:

One 3% 2%

Two 17 17

Three or more 80 79

Number of Full Bathrooms:

One 29% 15%

Two 57 61

Three or more 14 24

Garage 75% 80%

2013 Home Features Survey

Characteristics Purchased by LocationCharacteri

sticSmall Town

Rural Area Urban-Central City

Suburb-Subdivision

Resort-Recreation

Size of Home

1,700 1,800 1,670 2,000 1,800

Year Home was Built

1986 1997 1989 1999 2002

Number of Levels

1 1 1 2 2

Number of bedrooms:

One 3% 3% 7% 1% 6%

Two 19 16 26 12 35

Three or more

78 81 67 87 65

Number of Full Bathrooms:

One 62% 65% 48% 51% 61%

Two 36 33 43 44 33

Three or more

3 3 9 5 6

Garage 73% 63% 72% 88% 63%


No New Homes to Buy

2012 Profile of Home Buyers and Sellers

Neighborhood Features by Location

Neighborhood Features All Buyers Small town Rural area

Urban-Central city

Suburb-Subdivision

Resort-Recreation

areaWooded lot/many trees 17% 16% 30% 15% 14% 22%Open lot/few trees 12 9 15 19 11 8

Water view 8 6 7 10 6 43Waterfront property 5 5 5 7 4 33

Corner lot 5 3 4 11 4 6

Cul-de-sac lot 5 4 4 7 6 6On or near golf course 3 2 2 4 2 8


Neighborhood Features by LocationAll

Buyers

Suburb/ Subdivisi

onSmall town

Urban/ Central

cityRural area

Resort/ Recreation

area

Quality of the neighborhood 61% 68% 55% 61% 41% 53%Convenient to job 43 47 36 51 33 13Overall affordability of homes 39 41 39 38 34 21Convenient to friends/family 35 37 34 35 34 24Design of neighborhood 26 29 20 28 18 29Convenient to shopping 26 28 18 31 19 24Quality of the school district 25 30 22 15 22 6Convenient to schools 22 25 22 20 19 3Convenient to entertainment/leisure activities 19 20 10 33 8 34Convenient to parks/recreational facilities 18 18 15 22 11 29Availability of larger lots or acreage 16 14 16 7 45 4Convenient to health facilities 10 10 9 12 9 19Home in a planned community 8 10 6 3 4 29Convenient to public transportation 6 4 3 21 2 2

Convenient to airport 5 5 3 8 3 14


Top Features by LocationFeature Small

TownRural Area

Urban-Central City

Suburb-Subdivision

Resort-Recreation

Central Air Conditioning

55% 57% 59% 73% 65%

Walk-In Closet 29 39 35 44 43

New Kitchen Appliances

23 26 32 32 39

Single level home 24 25 23 24 20

En-suite Master Bath

23 32 30 40 49

Hardwood floors 21 20 30 24 18

Eat-in kitchen 19 24 26 26 27

Home less than 5 years old

9 17 16 17 312013 Home Features Survey

Top Features by Region


Feature Northeast

Midwest South West

Central Air Conditioning

48% 66% 79% 52%

Walk-In Closet 33 28 49 36

New Kitchen Appliances

32 22 36 25

En-suite Master Bath 29 25 42 32

Basement 27 28 11 8

Home less than 5 years old

13 13 21 12

Commuting Costs


Environmentally Friendly Features


Compromises on Home Purchase

First-time Buyers

Repeat Buyers

Price of Home 19% 16%

Size of Home 20 14

Condition of Home

16 16

Lot Size 14 12

Style of Home 14 12

Distance from Job

16 10


What Does Age Have to do With it?

Characteristics of Home Purchased 32 and Younger

33 to 47

48 to 57

58 to 66

67 to 87

88 and Older

Previously Owned

85% 84% 84% 82% 82% 83%

Detached Single Family

80 85 80 76 68 61

Median Price

$165,000

$235,000

$200,000

$185,000

168,000 191,000

Median Square Foot

1,700 2,100 2,000 1,800 1,750 1,500

Median Year Built

1986 1991 1993 1995 1997 1991

2013 Home Buyer and Seller Generational Trends

Location by Generations

AGE OF HOME BUYER

All Buyer

s32 and

younger33 to

4748 to

5758 to

6667 to

87

88 and

older Suburb/Subdivision 51% 50% 55% 50% 51% 49% 42%

Small town 18 19 17 17 17 22 17Urban area/Central city 17 21 17 16 13 13 21Rural area 12 10 11 14 13 8 21Resort/Recreation area 3 * 1 3 6 8 *


Neighborhood Choice

32 and Younger

33 to 47

48 to 57

58 to 66

67 to 87

88 and Older

Quality of the Neighborhood

68% 65% 55% 56% 52% 30%

Convenient to Job 62 48 43 25 4 *

Overall Affordability of Homes

48 37 35 38 27 32

Convenient to Friends/Family

44 29 28 37 45 46

Convenient to Schools

29 36 15 4 3 *


Environmentally Friendly Features Considered “Very Important”


Expected Length of Tenure in Home Purchased

Median0

5

10

15

20

25

30

35

10

20 20 20

15

30

32 and Younger 33 to 47 48 to 5758 to 66 67 to 87 88 and Older


The Search Process

Use of the Internet Increased

• More than ½ of buyers starting home search online

• Real estate related searched on Google.com have grown 253% over the past 4 years

2012 Profile of Home Buyers and Sellers, 2013 The Digital House Hunt: Consumer and Market Trends in Real Estate

Internet Searchers Use All Search Methods More


Agents Still Central to Search


Actions Taken from Viewing Homes Online


Satisfaction in Buying Process


Tightened Inventory Affecting Home Search

• Buyers saw 10 homes before buying-drop from 12 homes

• Typically look for 12 weeks total and 3 weeks before contacting an agent

• 51% of buyers reported hardest task is in process was finding the right home


Where to find NAR Research

• Jessica Lautz: [email protected], 202-383-1155

• NAR Research www.realtor.org/research-and-statistics

• Economists’ Outlook Blog: economistsoutlook.blogs.realtor.org

• FaceBook: facebook.com/narresearchgroup• Twitter: twitter.com/NAR_Research

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