As we continue our look into what makes up the most dominant characteristics of home buyers and sellers based upon recent research conducted by the National Association of REALTORS, next up in our series is a closer examination of the actual homes that are being purchased. As you’ve probably noticed, the real estate market is as diverse as the people who are buying or selling a home. Neighborhoods, construction, renovations, space, size, and landscaping all combine to make a home either great or not so desirable based on the buyers’ personality and resources. All those characteristics and so much more go into the decision making process. But if we take a step back, we can examine the 2016 characteristics of homes purchased and use that information to guide us forward in current real estate transactions.
Here’s what you can expect:
- Buyers of new homes made up 14% and buyers of previously owned homes made up 86%.
- Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 34%. Buyers who purchased previously owned homes were most often considering a better price at 32%.
- Detached single-family homes continue to be the most common home type for recent buyers at 83%, followed by 7% of buyers choosing townhomes or row houses.
- Senior-related housing remained at 14%, with 20% of buyers typically purchasing condos and 8% purchasing townhomes or row houses.
- There was a median of 12 miles between the homes that recent buyers purchased and the homes that they moved from.
- Home prices increased slightly last year to a median of $227,700 among all buyers. Buyers typically purchased their homes for 98% of the asking price.
- Typical home purchased was 1,900 square feet, had 3 bedrooms and 2 bathrooms, and was built in 1991.
- Heating and cooling costs were the most important features for recent home buyers, with 84% finding these features at least somewhat important.
- Overall, buyers expect to live in their homes for a media of 12 years, while 18% say that they are never moving.
If you are interested in buying or selling a home, or if you have any questions about the real estate process, please call Roger Snyder Homes for a free and completely confidential consultation at 305-987-2859.