Phoenix Real Estate

According to the 2010 National Association of REALTORS^® Profile of home buyers and sellers:

First-Time              vs.        Repeat Buyers:

Median Age – 30                   Median Age – 49

Income: $59,900                 Income: $87,000

48% married                            68% married

23% single females                17% single females

15% single males                    9% single males

12% unmarried couples       4% unmarried couples

The number of first-time home buyers rose to a record high 50 percent of up from 47 percent in the 2009 study. The previous cyclical high for first-time buyers was 44 percent in 1991. 71% of buyers used a tax credit.

Although typical sellers had been in their previous home for eight years, up from seven years in the 2009 study, first-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.

For Sale By Owners (FSBO) accounted for 9% of home sales. The typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales.

Most Difficult Tasks for FSBO Sellers:

• Getting the right price . . . 23%
• Preparing/fixing up home for sale: 18%
• Selling within the planned length of time: 14%
• Having enough time to devote to all aspects of the sale: 13%
• Understanding and performing paperwork: 10%

Buyers who definitely would use same agent again: 65%

Active home search (median):

• Number of weeks searched: 12
• Number of homes seen: 15

Information sources used in home search: 

• Internet: 74%
• Real estate agent: 69%
• Yard sign: 22%
• Open house: 12%
• Newspaper ad: 9%
• Home book or magazine: 6%

Actions taken as result of Internet home search: 

• Walked through a home viewed online: 45%
• Found agent used to search/buy home: 29%
• Drove by/viewed a home: 21%

Sellers: 

• Typcially received 96% of their list price
• 43% did not reduce their list price
• The average home was on the  market 8 weeks

Even with several years of price declines, the typical seller who purchased a home eight years ago experienced a median equity gain of $33,000, a 24 percent increase, while sellers who were in their homes for 11 to 15 years saw a median gain of 40 percent.