NAR's 2013 Profile of Home Buyers and Sellers: Homebuyer Characteristics

NAR’s 2013 Profile of Home Buyers and Sellers: Homebuyer Characteristics

by Peter Thomas Ricci

November 13, 2013

Christmas comes early every year for the Chicago Agent staff with the release of the Profile of Home Buyers and Sellers from NAR.

Rejoice – ’tis the most wonderful time of the year!

No, we’re not celebrating an early introduction to the Christmas holiday; rather, we’re overjoyed by the release of the National Association of Realtors’ 2013 Profile of Home Buyers and Sellers, the most complete, in-depth look at the consumers you will be servicing in the coming months.

The 2013 Profile of Home Buyers and Sellers – A Data Orgy

A 122-question survey that NAR mailed out to thousands of homebuyers and sellers across the U.S. this summer, the 2013 Profile of Home Buyers and Sellers covers everything from homebuyers, to home sellers, to technology, to financing, to how consumers interact with their real estate agents.

In the coming days, we’ll be reporting on many of the profile’s findings, and in our first post, we’d like to look at defining homebuyer characteristics in the 2013 housing market.

Homebuyer Characteristics in 2013

So, what traits defined homebuyers in 2013?

First-time homebuyers still make up a lower-than-average share of total homebuyers, but their not too far behind; in 2013, they’ve made up 38 percent of buyers, down from the historical average of 40 percent.
One surprising faction that is multi-generational homebuyers, who made up 14 percent of all purchases; such purchases were made to account for college graduates living with their parents, aging parents living with their children and cost savings.
The median income for households was $83,300, while for first-time buyers and repeat buyers, it was $64,400 and $96,000, respectively.
Interestingly, despite those seemingly high income levels, 66 percent of recent homebuyers were married couples, the highest such share since 2001.
The typical homebuyer was 42 years old, while the typical first-time homebuyer was 31 and the typical repeat buyer 52.
Finally, the simple desire to own a home remains potent among American consumers – 30 percent of recent homebuyers said it was their primary reason for buying a home.

Stay tuned for more interesting findings from the 2013 Profile of Home Buyers and Sellers!