Dec
02

Who’s Buying and Who’s Selling? NAR Survey Reveals the Latest Trends

December 02, 2012

chicago new homebuyersThe latest results from the  National Association of Realtors 2012 Profile of Home Buyers and Sellers show that more married couples are buying homes than in the past and that using the Web to find the perfect home is becoming increasingly popular.

According to the survey, the number of single buyers has decreased by 7 percent. In 2010, 58 percent of all home buyers were married couples, and this number increased to 65 percent in 2012. The decline of single home buyers is influenced by credit availability, and lenders are still relatively cautious about distributing loans. Married couples have double their purchasing power, which makes then more likely to be approved for a mortgage.

The NAR survey also revealed that average home sellers are older than in previous years, have a lower household income and have lived their homes for an average of nine years. Homes for sale spent an average of 11 weeks on the market, and most sellers reported that their home sold for $20,000 more than the purchase price.

Another trend is that both buyers and sellers are primarly relying on the Internet for their new home research. In 2003, 71 percent of buyers searched for their homes online; now that number has risen to 90 percent.

The NAR has been conducting this survey since 2003, and survey results only include successful sellers, not homeowners whose houses are still listed on the market.

About The Author

Jessica Thom

Read All Stories By Jessica Thom

Visit my Google+ profile.

Leave a Comment

Copyright © 2008-2014 mRELEVANCE, LLC | Chicago Real Estate News | Chicagoland Real Estate Forum. All rights reserved. Thank you for visiting Chicago Real Estate News Chicagoland Real Estate Forum, Real Estate Listings and Information Provided by MLC Realty, Inc.
Internet Marketing by Marketing RELEVANCE

Equal Housing Opportunity

1819 W Grand Ave | Chicago, IL 60622