Real Estate Trends and Tips:  Who’s Buying Homes?

Who Bought Homes Last Year?  In article dated 2.9.2014, the Tampa Bay Times reported that more single women than single men purchased homes, more suburbanites than city people and many who intended to either move in with their parents or grown children.  Would you have guessed this?  Here are a few more facts from South Florida Realtors and US Census that you may find interesting, especially if you are in the market to sell or buy a home.  Where do you fit in this picture?

Typical home bought last year in Florida: 

• 1,900 square feet, 3 bedrooms, 2 baths, built in 1996

Typical Florida Home Buyer:

• A married couple in their mid50s, earning a household income of $82,000.  They likely started their search on the Internet and spent 10 weeks looking for a home and visited 10 homes before deciding to buy.

Florida Sellers:

• 10% had their home on the market for more than a year; 5% tried to attract buyers by offering to give away a car, flat-screen TV or other incentives; the typical equity earned from selling was $25,000.

Florida Buyers:

• 27% bought their first home; 31% earn a household income lower than $55,000; 19% were single women; 6% were single men and 31% first time buyer were women while 7% were single men.

What they bought:

• Median home price in Florida: $192,000; 60% bought a home bigger than 2,000 square feet; 27% bought a home built between 1959 and 1985.

Money Matters:

• 30% made at least a 20% down payment; 28% paid less than 5% down; and 59% paid less than the asking price.

Motivations:

• 25% bought a home to take care of aging parents; 15% bought because adult children were moving back in; 10% of repeat buyers said they bought a home because they wanted something smaller; the same percent said they bought because they wanted something bigger; 36% said homes are a better investment than stocks.