A 2009 Review of Florida Home Buyer and Seller Characteristics
Posted by Benjamin Dona on Saturday, December 5th, 2009 at 4:05pm.
The following are excerpts from the 2009 Florida Home Buyer and Seller Profile Report released by NAR. A review of the data gives some intriguing and interesting information to real estate professionals and provides many valuable insights into who their potential clients are and what motivates them to buy a home. Having this information is more important than ever in order to understand the changing demands of consumers in today's dynamic marketplace.
Florida Home Buyers Profile
Florida Home Buyer Characteristics:
- The median age was 44 years old.
- The median income of was $71,100.
- 65% reported they had no children under age 18 living in their home.
- 60% were married couples, 18% single females, 11% single males, and 9% unmarried couples.
- First-time home buyers accounted for 41% of the homes purchased.
- The median age for first-time buyers was 31 years old.
- The median income of first-time homebuyers was $59,300.
- 14% were foreign nationals.
Home Purchase Characteristics:
- 27% of buyers purchased newly built homes.
- 78% of the homes purchased were detached single-family properties.
- The average size of the home purchased was 1,850 square feet.
- The median price was $176,500.
The Home Search Process:
- 88% of buyers used the Internet to search for homes.
- 75% viewed the Internet as a very useful tool in their home search process.
- 38% reported that their first step was looking online for properties for sale.
- 29% first learned about the home they purchased through the Internet.
- The typical Internet buyer was 42 years old and visited a median 15 homes.
Home Buying Real Estate Professionals:
- 20% of buyers said their first step was to contact a real estate agent.
- The typical home buyer that did not use the Internet to search for homes was 59 years old and saw a median 7 homes.
- 42% first learned about the home they purchased from a real estate agent.
- Buyers searched for an average of three weeks on their own before contacting an agent.
- 67% of buyers purchased their home through a real estate agent or broker.
- 49% of first-time buyers were referred to their Realtor® by a friend, family member, neighbor or relative.
- 64% said they would definitely use their Realtor® again or recommend them to others.
- 98% of buyers expect real estate professionals to display high levels of knowledge and integrity; they ranked these traits as "very important" factors when choosing a real estate professional to assist them.
Florida Home Sellers Profile
Florida Home Seller Characteristics:
- The median age was 55 years.
- 71% were married couples.
- 48% traded up to a larger home when purchasing their next property.
- The typical home seller owned their home for 7 years.
- 53% of recent home sellers reported that they undertook home improvement or remodeling projects prior to putting their home on the market.
- The typical home was on the market for 12 weeks.
- 42% offered incentives to attract buyers, most often assistance with a home warranty policy or closing costs.
- On average, sellers typically sold their homes for 93% of the listing price.
- 67% were very satisfied with the selling process.
Home Sellers and Real Estate Professionals:
- 85% used an agent or broker to sell their home.
- 55% contacted only one agent before selecting them to assist in the sale of their home.
- When selecting a real estate professional, 34% received a recommendation from a friend, neighbor or relative.
- The reputation of the agent was the most important factor when choosing a real estate professional.
- 24% used the same agent for their next home purchase.
- For 17% of sellers, their most important expectation is that the real estate agent will help sell the home within a specific timeframe.
- 86% reported their home was advertised on the Internet.
- 81% used a real estate professional that provided a broad range of services and managed most aspects of the sales transaction.
- 57% reported they would definitely use the same real estate agent again.
- 10% of sellers attempted to sell their home without the assistance of an agent.
From this review, some things are very apparent. Florida home sellers have become much more knowledgeable about the home selling process and they understand the importance of having a real estate professional assist them in selling their home. In addition, Florida is attracting people of all ages, not just retirees. Foreign nationals are playing an ever increasing role in the real estate marketplace. Knowledge and reputation in the real estate industry means everything. And, Florida home buyers are becoming more internet savvy and using that knowledge before they contact an agent to assist them in purchasing a home. Realtors® who pay attention to details and focus on these trends should be in a good position to remain on the cutting edge when trying to attract potential clients to their realty services.
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