2018 Profile Of Home Buyers And Sellers
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
- First-time buyers made up 33 percent of all home buyers, a decrease from last year’s 34 percent.
- Sixty-three percent of recent buyers were married couples, 18 percent were single females, nine percent were single males, and eight percent were unmarried couples.
- Twelve percent of home buyers purchased a multigenerational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker.
- Ninety percent of buyers would use their agent again or recommend their agent to others.
2018 HBS Highlights by on ScribdSeventy-eight percent of recent buyers found their real estate agent to be a very useful information source. Click To Tweet METHODOLOGY In July 2018, NAR mailed out a 129-question survey using a random sample weighted to be representative of sales on a geographic basis to 155,250 recent home buyers. The recent home buyers had to have purchased a primary residence home between July of 2017 and June of 2018. A total of 7,191 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 4.6 percent. Respondents had the option to ﬁll out the survey via hard copy or online. The online survey was available in English and Spanish. Consumer names and addresses were obtained from Experian, a ﬁrm that maintains an extensive database of recent home buyers derived from county records. Information about sellers comes from those buyers who also sold a home. All information in this Proﬁle is characteristic of the 12-month period ending June 2018, with the exception of income data, which are reported for 2017. In some sections comparisons are also given for results obtained in previous surveys. Not all results are directly comparable due to changes in questionnaire design and sample size. Some results are presented for the four U.S. Census regions: Northeast, Midwest, South, and West. The median is the primary statistical measure used throughout this report. Due to rounding and omissions for space, percentage distributions may not add to 100 percent. Data gathered in the report is based on primary residence home buyers. From the 2017 Investment and Vacation Home Buyer Survey , 70 percent of home buyers were primary residence buyers, which accounts for 4,207,000 homes sold in 2016. Using that calculation, the sample at the 95 percent conﬁdence level has a conﬁdence interval of plus-or-minus 1.15% Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker. Click To Tweet