Washington REALTORS® Buyer/Seller SurveyCharacteristics of Washington Home Buyers
· The median age of home buyers was 38 years old. Among first-time home buyers, the median age was 31.
· The 2006 median household income of home buyers was $73,900 compared to $74,000 among all home buyers nationally.
· Sixty-two percent of home buyers reported that there were no children under age 18 residing in the home.
· Sixty-three percent of home buyers were a married couple, 21 percent single were females, 6 percent were single males, and 9 percent were unmarried couples.
· Eleven percent of home buyers reported they were born outside the United States, compared to 9 percent nationally.
· First-time home buyers accounted for 41 percent of homes purchased in 2007.
· Forty-eight percent of first-time home buyers were between 25 and 34 years old.
· The median income of first-time home buyers was $54,700 compared to $58,600 among all first-time home buyers nationally.
· Seventy-six percent of home buyers between 18 and 24 purchased a home because of their desire to own a home of their own and establish a household.
· Thirty-six percent of home buyers reported using social networking websites, such as, MySpace, Facebook, LinkedIn, and Friendster. Among home buyers aged 18 to 24, 65 percent reported using social networking sites.
Characteristics of Homes Purchased
· Twenty-five percent of recent home buyers purchased newly-built homes.
· Seventy-two percent of homes purchased were detached single family homes.
· The typical home buyer purchased a home 13 miles from their previous residence.
· The median price of homes purchased was $300,000 compared to $215,000 in the U.S.· The typical buyer purchased a home that was 1790 square feet in size.
· Recent home buyers plan to live in their home a median of 10 years.
The Home Search Process
· Thirty-three percent of recent buyers reported that their first step in home-buying process was looking online for properties for sale.
· Ninety-one percent of home buyers used the Internet to search for homes.
· The typical home buyer searched for a home for a median 8 weeks and saw a median of 12 homes.
· Eighty-six percent of home buyers used a real estate professional during their home search.
· Among home buyers, the typical Internet searcher was 38 years old and visited a median of 12 homes. The typical home buyer that did not use the Internet to search for homes was 49 years old and saw a median of 4 homes.
· Thirty percent of home buyers first learned about the home they purchased from a real estate professional; 37 percent first learned about the home they purchased through the internet.
· Eight percent of buyers viewed the Internet as a very useful tool in their home search.
· Real estate agents were viewed as a very useful information source by 72 percent of buyers, and as a somewhat useful information source by an additional 18 percent of buyers searching for a home.
Home Buying and Real Estate Professionals
· Eighty-five percent of home buyers purchased their home through a real estate agent or broker.
· Buyers searched for a median of two weeks on their own before contacting an agent.
· Forty-eight percent of first-time buyers were referred to their agent by a friend, family member or neighbor.· · Ninety-eight percent of buyers ranked honesty and integrity as a “very important” factor when choosing a real estate professional to assist with a home purchase.
· When asked about their agent’s performance on those qualities considered important, 87 percent reported they were “very satisfied” with the honesty and integrity of their agent.
· Sixty-eight percent of recent buyers will definitely use their agent again, and an additional 20 percent will probably use the agent again or recommend their agent to others.
· Ten percent of sellers sold their home without the assistance of an agent compared with 12 percent of sellers nationally. Among all sellers, 3 percent were FSBO sellers who knew the buyer.
· For 9 percent of FSBO sellers, the most difficult task in selling their home was understanding and performing the necessary paperwork to complete the transaction, for 27 percent it was preparing the home for sale, and for 9 percent the most difficult task was getting the price right.