Capture

A Look Inside What’s in NAR’s 2015 Profile of Home Buyers & Sellers

The 2015 Profile of Home Buyers and Sellers was released earlier this morning.

CNBC’s Diana Olick was live on “Squawk on the Street” right at 10:00 a.m. sharing with viewers the key highlights from this year’s survey. Check out her report (above)!

What else is inside this lengthy, 100+ page report? Here are a few notable nuggets:

Characteristics of Buyers and Homes Purchased

  • First-time buyers – 32% (lowest since 1987 at 30%…33% in 2014)
  • Home size – 1,620 sq. ft. (first-timers); 2,020 sq. ft. (repeat buyers)
  • Cost – $170,000 (first-timers); $246,400 (repeat buyers)
  • Type of home – single-family (83%), townhouse or row house (7%), condo (3%), other (7%)
  • Type of neighborhood – suburb/subdivision (52%), small town (20%), urban area (14%), rural area (13%), resort/recreational area (2%)
  • Typical home – 3 bedrooms; 2 bathrooms

Financing the Home Purchase

  • 86% financed their purchase
  • Median down payment – 6% (first-timers); 14% (repeat buyers)
  • Type of financing – 91% obtained a fixed-rate mortgage; 23% FHA; 11% VA Loan

The Home Search Process

  • Search methods – online (89%), real estate agents (87%), mobile/tablet apps (57%), mobile/tablet search engines (54%), yard signs (51%), open houses (48%)
  • First heard of home purchased – online (44%), real estate agent (33%), yard sign/open house (9%), friend/neighbor/relative (6%), home builder (6%), directly from seller (2%), newspaper ad (1%)
  • 91% of buyers were satisfied with their buying process

Characteristics of Sellers

  • Median age – 54 years old
  • Median HH income – $104,100
  • Tenure in home – 9 years (all-time high)
  • Median equity gain – $40,000 ($30,100 in 2014); 23% increase over the original purchase price