Do You Consider Buying or Selling a home in the Venice or Englewood Area?
Whether you are buying or selling a home in the Sarasota, Venice or Englewood area, each task comes with its own set of challenges. Home buyers purchase a home not only for the desire to own a home. There is always another reason for it as well. They do it most likely because of changes in their job situation, family circumstances, or the need for a smaller or larger living area. They are retiring, need a change of scenery, or they don’t like their cold winters any more. By the way, the same applies to the sellers as well.
What were the characteristics of Home Buyers?
- Lees than a quarter of all home buyers were first time home buyers in Florida. That is only 10 % compared to the national level.
- In Florida, 15% home buyers bought a “multi-generational home” because their children over age 18 had to move back into the house. Or the younger generation was moving back because they had to take care of their parents. That is actually a new development and we will see that probably more often happen in the future.
The typical First Time Home Buyer in Florida is about 33 years old
- The average home buyer is in the mid 50’s while the typical repeat buyer is almost sixty years old. That is about five years above the national average.
- The average household income in Florida for first-time buyers is in the mid $60,000. The household income of regular buyers is in the low $80,000 range.
- In Florida, almost 70% of the home purchasers are married couples. Nationally that number is a little lower, somewhere in the mid 60’s.
What kind of Homes do Home Buyers purchase?
- About 20% bought a new home. This number has a tendency to increase.
- The typical retail home they are buying has three bedrooms and two bathrooms.
- 80% buy a detached single-family home
- 20% of buyers age 50+ purchase in senior related housing.
- For more than 80% of the Home Buyers heating and cooling costs are an important figure.
- Only 60% are concerned about commuting costs, however, that will most likely change in the near future.
How do they Search for a Home?
- 50%+ look for properties online.
- 10% of the home buyers first look online to learn about the home buying process. After they are familiar with the process they shop for a home.
- More than 90% of the buyers use the internet in some way in their home search process. An increasing number uses mobile websites or applications in Florida, while more than 50% (!) of the home buyers use mobile sites nationally.
95% of Buyers still use a Real Estate Agent in Florida
- 85% of the buyers bought through a real estate agent or broker in the past.
- On average, the home buyer searches for ten weeks and views ten homes.
- Eventually, 87% of the home buyers are satisfied with the process.
Financing the New Home (past years)
- In 77% of the home purchases, financing was involved. Typically 91% was financed.
- 95% of the first time home buyers financed their home; 71% of repeat buyers used financing.
- 44% said that they had to make some sacrifices such as reducing spending on certain items/services.
- 25% reported that the mortgage process was somewhat more challenging. 24% reported that it was much more difficult.
- Student loans (36%), credit card debt (61%) and car loans (39%) were the main obstacles.
- 82% believe their home is a sound investment.
Home Sellers and their Experience
- The typical home seller lived in the home for 11 years (6 years in 2007).
- 87% of home sellers were assisted by a real estate professional.
- On average homes sold for 97% of the listing price. %0% of home sellers reduced the asking price at least once.
- 15% of the sellers had a delay or stall of selling because the appraisal came in lower.
29% of the sellers offered incentives (home warranties, closing cost)
- 92% of the homes were listed on the MLS (Multiple Listing Service).
- 12% sold their home without the assistance of a realtor. 33% knew the buyer before the home purchase.
- 8% were contacted by a buyer they did not know.
- 50% of home sellers did not want to pay a commission.
- Typical FISBO sale was 13% lower than the average. The typical median selling price of a FISBO sale was $170,000 compared to agent-assisted sales at $230,000.