2015 National Association of REALTORS® Profile of Home Buyers and Sellers

Cape Coral luxury homes, homes for sale in Coral Springs

Reflections on the past year’s real estate market may be best seen by the type of buyers active in the market, which is exactly what the annual survey taken by the National Association of REALTORS® does – identifies who is buying and selling real estate, whether that be Cape Coral luxury homes, homes for sale in Coral Springs or another property outside of Florida.

According to the 2015 National Association of REALTORS® Profile of Home Buyers and Sellers, home sales over the past year were driven by repeat home buyers that had dual incomes.

Married couples took a higher share of the buying market. This may due in part to the stronger price growth being realized in the real estate market across the country, which may have also contributed to the drop in first time home buyers entering and closing on homes of their own.

The annual survey by NAR which began back in 1981, evaluates the preferences, demographics, plans, motivations and experiences of owner occupants and presents interesting insight into the real estate market, including Cape Coral luxury homes, homes for sale in Coral Springs, and other areas across the nation.

Who’s Buying?

Statistics reported from this survey that was released at the beginning of November include:

  • Married couples took a 67 percent share of the market, rising 2 percent from last year’s number of 65 percent.
  • Married couples indicated a higher household income than from years past.
  • Married couples that are repeat home buyers registered the highest income from all the other buyers with an average of $108,000 reported.
  • Unmarried couples took up 8 percent of the buying market.

 

  • Single female buyers fell to just 15 percent, which is one percent less than last year’s number of 16 percent.
  • The number of single female buyers declined to its lowest level since 2001.
  • Single male buyers remained steady at 9 percent.

 

  • Surveyed respondents were multigenerational households with grandparents, parents, and children.

 

  • 18 percent of those surveyed and identified as buyers were military veterans.
  • Active duty service members too up 3 percent of the buying market.

 

  • First time home buyers were 31 years old on average, which has held for the last 3 years.
  • First time home buyers registered a median income of $69,400, up slightly from last year’s income of $68,300.
  • First time home buyers bought larger homes this year with the average reported at 1,620 square feet versus last year’s home average of 1,570 square feet.
  • Average cost of a purchased home for first time home buyers was $170,000.

 

  • Repeat buyers were 53 years old on average.
  • Repeat buyers registered a median income of $98,700, which is up from last year’s income of $95,000.
  • Repeat buyers bought homes that averaged 2,020 square feet.
  • Average cost of a purchased home for repeat buyers was $246,400.

Why Buy?

Active buyers believe buying a home is a good financial investment with 43 percent reporting the purchase of a home was better than buying stocks. From Cape Coral luxury homes, homes for sale in Coral Springs and other properties, buyers are looking at real estate not Wall Street.

Financing the Purchase

Traditional financing continues to reign even though all cash buyers did show a higher than normal participation during the year.

  • 91 percent of buyers choose fixed rate mortgage.
  • Of fixed rate mortgages, 23 percent used the Federal Housing Administration, which is down from 43 percent 5 years ago.

Find out more statistics from the 2015 NAR survey.

Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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