The National Association of REALTORS held their annual meeting last week. The purpose was to compile homebuyer stats. Here are some of their results:
– Four out of 10 buyers in 2011 were first time buyers, down from 50% last year;
– For first-time buyers, the median age was 31; median income was $62,400. The typical home was 1,570 square feet and cost $155,000, with mortgage and interest payments being $794.
– The typical repeat buyer was 53 years old with a median income of $96,600, up from $87,000 in 2010. The typical home was 2,100 square feet and cost $219,500, with the mortgage and interest payments being $1004.
– About 91% of buyers used the Internet and bought through a real estate agent and 70% of those who did not use the Internet used a real estate agent.