Characteristics of a Homebuyer
Every year I wait patiently for the new NAR report on buyers and sellers. There is a wealth of information there that I like to study because I think it helps me as a Realtor to know what buyers and sellers want and how I can use that information in my business.
We hear so much today in the news about housing and it effects peoples decisions. In Virginia, we have not seen as many foreclosures as in other areas but that doesn’t mean they are not there along with short sales. We have to look at our market in a local way – not global. There are great buys in Lynchburg, Va. and the interest rates are very strong and worth looking into for ownership.
I know it is hard if you buy and have to sell a few years later for whatever reason. A lot of people are falling into this problem. My son took a new job in South Carolina not knowing at the time when he bought his house in Virginia that he would be moving so soon after buying the house. Right now, he is renting in South Carolina until his homes sells in Virgina. Most buyers though stay in a home at least 7-10 years and have equity in those homes. Home owners has remained the top reason for buying a home in Virginia.
Here are just a few of the highlights that I have found in the new 2010 Profile of Home Buyers and Sellers.
- 50% of recent home buyers were first time homebuyers
- First time homebuyers were an average age of 30 years old
- Repeat buyers were an average age of 49 years old
The 2009 Median household income of buyers was $72,200.
- First Time Homebuyers was $59,900
- Repeat buyers was $87,000
Those who bought homes in 2009 20% were single female and 12% were single male.
The PRIMARY reason for their recent purchase of a home was to own a home.
Avg. Sales Price: $178,398
Avg. Days on Market: 164
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