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86% of home sellers worked with a real estate agent to sell their home, 10% sold via FSBO, and less than 1% sold via iBuyer. For 47% of buyers, the source of the downpayment came from their savings. 38% of repeat buyers cited using the proceeds from the sale of a primary residence, while 22% of first-time buyers used a gift or loan from friends or family for the downpayment. 67% of buyers interviewed only one real estate agent during their home search. Due to a growing interest in having more space, as well as added privacy, buyers who purchased after March were likely to relocate to the suburbs and pay more for that home. On average, buyers who purchased before April spent $270,000 on a property.
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Use the data to improve your business through knowledge of the latest trends and statistics. The survey was conducted with recent home buyers who purchased a home between July 2008 and June 2009. The share of home buyers who used the internet to search for a home increased to an all-time high of 97%. First-time buyers made up only 26% of all buyers, down from 34% last year and a peak of 50% in 2010 during the First-Time Home Buyer Tax Credit. The age of the typical first-time buyer was 36 years – up from 33 years one year ago – and the typical repeat buyer's age climbed to 59 years from 56 years in 2021. The median expected home tenure for first-time buyers was 18 years, the highest ever recorded and up from 10 years in 2021.
They sold their properties for a median $60,000 more than what they originally paid for them. About 70% sold their homes and bought new ones within the same state. Their top reason for moving was to be closer to their family and friends. That was followed by needing a larger abode or having to move for work.
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Nearly all buyers used online tools in the search process at 96%. Buyers typically searched for 10 weeks and looked at a median of five homes, and viewed four homes only online. The number of weeks searching for a home grew from eight weeks seen in the 2020 and 2021 reports. First time buyers were slightly more likely to purchase a foreclosed home. Home sellers who sold after March were more likely to say they were somewhat urgent in their need to sell their home – 46% compared to 39% of those who sold before April.
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The majority of buyers, 87%, got existing (previously lived-in) homes. These homes tend to be cheaper; there hasn’t been much affordable new construction in recent years. Just 13% opted out of doing any renovations and bought brand-new residences. Eighty-three percent of home purchases were single-family abodes. In comparison, just 6% were townhouses or row homes and 5% were condos. There just aren’t as many reasonably priced condos and townhouses available outside of the cities.
Having an agent to help them find the right home was what buyers wanted most when choosing an agent at 51%. 64% of recent buyers were very satisfied with their recent home buying process. 18% of recent home buyers were veterans and 2% were active-duty service members.
First-time buyers who financed their home typically financed 93% of their home compared to repeat buyers at 84%. Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 44%. Buyers who purchased previously-owned homes were most often considering a better overall value at 35%. The best part of the sale is that sellers pocketed a profit.
Sellers typically lived in their home for 10 years before selling. While that was an increase from eight years the previous year, it's the same tenure reported in 2019 and 2020. Sellers tended to be a bit older than buyers, with a median age of 55. They also made a little more, with a median household income of $98,800. About 8% of buyers purchased a townhouse or row house, while just 4% opted for a condo or duplex. FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $225,000 last year, significantly lower than the median of agent assisted homes at $345,000.
But today’s buyers said they planned to stay in their abodes for a median of 15 years. Buyers paid a median $257,000 for their properties, forking over 98% of the asking price. And the overwhelming majority of them, 86%, needed financing (i.e., mortgages) to make that happen.
Most buyers used an agent to purchase their home—a near-historical high. Ninety-one percent of buyers said they would “definitely” or “probably” use the same agent in the future. FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 last year , and significantly lower than the median of agent-assisted homes at $242,300. 73% of buyers interviewed only one real estate agent during their home search. Home prices increased slightly this year to a median of $272,500 among all buyers.
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