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03/29/2019Statistics Of Today’s Consumers
If this year is anything like the last here’s what the typical home buyer will look like; married, searching for a single-family home in the suburbs or in a small town, and earning a household salary of around $88,800 a year. This is data from the National Association of Realtors 2017 Profile of Buyers and Sellers, which found that 85 percent of buyers choose a home in a suburb, small town or rural area; 83 percent bought a single-family home; and 65 percent were married couples. Overall, buyers expect to live in their homes for a while, for a median of 15 years.

This survey also revealed first-time buyers made up 3 percent of all home buyers, with more than a third of your potential clients new to the process. These home buyers need the help, education and guidance through their home-buying journey. Nearly half of buyers, or 42 percent, start their search by jumping online. For buyers who go online, 89 percent found photos and detailed information about properties to be crucial. Mounting student debt has left more and more first-time buyers cash-strapped.

Recently, single female buyers have made up a larger share of home sales, 18 percent, as the marriage rate in the US has dropped and those who marry are doing so later. Single women bought slightly more expensive homes than single men, despite earning less. For home sales, the typical home seller was 55 years old, with a median household income of $103,300. They live in their home for about 10 years before selling and once they sell, they usually recommend their agent at least twice to a friend or family member.

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