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Florida Realtors releases 2013 profile of Fla. homebuyers and sellers


 

Download the 2013 Profile of Florida Homebuyers and Sellers

The complete report is available on Florida Realtors’ website. Click the dropdown box under “Residential.”

ORLANDO, Fla. – Jan. 22, 2014 – Florida Realtors® released its 2013 Profile of Florida Homebuyers and Sellers this week, a study compiled by the National Association of Realtors (NAR) as part of its national homebuyer and seller survey.

2013 Florida highlights

Homebuyers

• 27 percent were first-time buyers compared to 38 percent nationally – a lower percentage than the 40 percent historical norm.
• 15 percent of buyers purchased a multi-generational home because children over the age of 18 or aging parents moved back, or for cost or health reasons.
• The typical Florida buyer was 55-years-old; the typical first-time buyer was 34; and the typical repeat buyer was 60.
• The median household income of a Florida buyer was $82,100; nationally, it was $83,300. The median income was $60,400 among first-time Florida buyers and $94,100 among repeat buyers.
• Sixty-six percent of recent homebuyers were married couples.
• 23 percent of recent Florida homebuyers’ primary reason for buying was a desire to own a home.

Characteristics of Florida homes purchased

• In Florida, 22 percent of purchases were new homes.
• The typical home was 1,900 square feet and built in 1996, with three bedrooms and two bathrooms.
• 76 percent of homebuyers bought a detached single-family home nationally.
• 26 percent of buyers over the age of 50 bought a home in some type of senior-related housing.
• When considering the purchase of a home, heating and cooling costs were at least somewhat important to 80 percent of buyers in Florida.

Florida home search process

• For 42 percent of buyers, the first step in the process was looking online for properties, while 12 percent looked online for homebuying information.
• The use of the Internet in the home search rose slightly to 88 percent in Florida, but it was higher nationally: 92 percent.
• Real estate agents were viewed as a useful information source by 97 percent of buyers who used an agent while searching for a home.
• The typical Florida homebuyer searched for 10 weeks and viewed 10 homes.
• In Florida, 87 percent of buyers were satisfied with the homebuying process.

Florida real estate professionals

• In Florida, 82 percent of buyers purchased their home through a real estate agent or broker.
• 32 percent of buyers found an agent through a friend-or-family referral; 9 percent used an agent they had used before to buy or sell.
• 53 percent of recent Florida buyers only interviewed one agent before selecting one.
• 88 percent of buyers would use their agent again or recommend him or her to others.

Financing a Florida home purchase

• 69 percent of homebuyers financed their recent home purchase in Florida. Among those who financed, 93 percent financed 90 percent of it.
• The share of first-time buyers who financed their home purchase was 86 percent compared to 64 percent of repeat buyers.
• More than half of homebuyers say they made sacrifices, such as reduced spending on luxury items, entertainment or clothing.
• 26 percent of buyers said the mortgage application and approval process was somewhat more difficult than expected; 20 percent said it was much more difficult.
• Twelve percent of buyers overall said saving for a downpayment was difficult. Specific Florida problems: 32 percent reported student loans, 52 percent credit card debt and 20 percent car loans as problematic.

Florida home sellers and the selling experience

• The typical seller lived in their home for nine years, up from 2007.
• Sellers typically sold their homes for 96 percent of the listing price, and 52 percent reduced the asking price at least once.
• 10 percent of recent sellers had to delay their home sale because the value of their home was worth less than their mortgage.
• 32 percent of sellers offered incentives, most often assistance with home warranty policies and closing costs overall.

For-Sale-by-Owner (FSBO) sellers
• 66 percent of FSBO sellers said the primary reason they sold their home without real estate agent assistance is to avoid paying a fee or commission.
• In Florida, 38 percent of FSBO sellers did not market their home, and 68 percent did not offer incentives.
• The typical FSBO home sold for $223,000 compared to $241,000 among agent-assisted homes.

© 2014 Florida Realtors®