cooldcre

New condos in DC Districtre.com The Isaacs Team LLC

2011 NAR Study of Home Buyers & Sellers

2011 NAR Study of Home Buyers & Sellers

NAR 2011 Survey

A new survey by the National Association of Realtors (NAR) shows that home buyers are now staying within their means and more home sellers are using real estate agents to list and sell their homes.

Of the 5,708 buyers and sellers surveyed during the summer of 2011, most first time home buyers (60%) cited their reason for buying a home as the simple desire to own property of their own. Move-up buyers wanted a larger home (10%) or experienced a job-related move (10%) and 8% said they’d had a change in family situation or the affordability of homes.  The desire to be closer to family, friends or relatives was the reason giving by 7% of sellers for their move.

More than half of buyers considered foreclosures when searching for a home, but didn’t buy one. The reasons broke down this way; 29% couldn’t find a foreclosure that suited their taste or needs and 15% cited poor condition and a difficult process.

78% of recent home buyers said their home is a good investment, and 45% believe it’s better than stocks. According to survey results, most buyers believe in the long-term value of home ownership.

NAR mailed an eight-page questionnaire in July and August of 2011 to a national sample of 81,099 home buyers and sellers who purchased their homes between July 2010 and June 2011, according to county records. It generated 5,708 usable responses; the adjusted response rate was 7.3%. All information is characteristic of the 12-month period ending in June 2011 with the exception of income data, which are for 2010. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100%.

DC Metro Homebuyers

The buyer study shows:

Median age of first-time buyers was 31

Buyers’ median income was $62,400., (increased from $59,900 in the 2010 study)

The typical first-time buyer bought a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794.

The typical repeat buyer was 53 years old and earned $96,600., (greater than the $87,000. reported in 2010).

Repeat buyers bought a median 2,100 square foot home costing $219,500, with an estimated median payment of $1,006.

The median down payment for all home buyers was 11 percent, ranging from 5 percent for first-time buyers to 15 percent for repeat buyers.

The down payment size for both repeat buyers and first-time buyers was a full percentage point higher than in the 2010 study.

79% utilized savings for down payment while 26% were gifted with their down payment.  Only 75 reported taking a loan from a relative or friend. Stock or bond sales accounted for 9% of down payments and 8% accessed their 401(k) fund.

A whopping 94% of entry-level borrowers chose a fixed-rate mortgage.

 

See more buyer data and find out what sellers did in 2011

 

Copyright - All rights reserved The Isaacs Team LLC

The Isaacs Team LLC Evers & Co. DC

The Isaacs Team LLC

Top-tier Washington DC Realtors

Districtre.com

theisaacsteam@gmail.com

202-669-5343

Slate Properties
1121 5th Street NW DC 20001
Washington DC Top 50
Washingtonian Best 100
Trulia Top 1% Award
Washington Post Power Players
Client Reviews: Zillow  Yelp  Trulia
The Isaacs Team LLC is a Virginia Limited Liability Company
 

Districtre.com

Districtre.com is DC's most informative real estate website

New condos in Washington DC & Northern Virginia; Logan Circle, Adams Morgan, Dupont CircleSouthwest DC, Capitol Hill, Eastern Market, Brookland, Georgetown, Penn Quarter, Glover Park, Cathedral Heights, LeDroit Park, H Street Corridor, U Street, 14th Street corridor, Mt. Vernon Triangle, Kalorama, Arlington VA, Alexandria VA, Vienna VA, Fairfax VA, McLean VA and Great Falls VA.

  

Equal Housing Opportunity

Comment balloon 2 commentsThe Isaacs Team llc • November 12 2011 11:28AM
2011 NAR Study of Home Buyers & Sellers
share
2011 NAR Study of Home Buyers & Sellers A new survey by the National Association of Realtors (NAR) shows that home buyers are now staying within their means and more home sellers are using real estate agents to list and sell their… more
Home Owners Associations in DC & NVA
share
DCMETRO real estate Home Owners Associations in DC & NVA An HOA or Home Owner's Association is a not-for-profit corporation created by developers of residential housing communities in Virginia or Washington DC prior to a sales… more
DC Real Estate: Repurposing with Salvaged Materials
share
DC Real Estate: Repurposing With Salvaged Materials A great way to save money renovating DC real estate is to take advantage of repurposing resources. Repurposing with salvaged building materials in Washington DC Metro helps keep home… more
Washington DC Homestead Deduction
share
Washington DC Homestead Deduction The Washington DC Homestead Deductio n benefit reduces a homeowner's real property assessed value by $67, 500 prior to computing the yearly tax liability and it is limited to residential property only… more
Latest DC Metro Real Estate Market Reports!
share
Latest DC Metro Real Estate Market Reports October 2011 Real Estate Market Statistics for: DC Metro Statistic Values YoY … more
Hipsters Invade D. C.!
share
Hipsters Invade D. C. New U. S. Census Bureau show the DC Metro region added about 7, 000 new residents between the ages of 25 and 34 during each of the last three years. It’s a migration of hipsters that ranks sixth highest in the U. S… more
D. C. Still Nation's Healthiest Real Estate Market
share
D. C. Still Nation's Healthiest Real Estate Market Standard & Poor's new Case-Shiller Report identifies Washington D. C. and Detroit Michigan as the only two U. S. cities where housing values are increasing year over year, posting.. more
MOLD IN DC HOMES
share
Mold in DC Homes Worried about mold in your Washington DC or Northern Virginia home? The truth is that every home has a little bit of household mold. Mold is a common type of fungus that can grow almost anywhere under the right… more
Northern Virginia Real Estate: Septic Systems
share
Northern Virginia Real Estate: Septic Systems Northern Virginia real estate buyers considering homes in areas such as McLean and Great Falls may be encountering septic and well systems for the first time. While the magnitude of… more
Glover Park DC Neighborhood Profile
share
Glover Park DC Neighborhood Profile DC real estate market reports New Condos in DC Pronunciation: GLUH-ver Park Approximately half a mile north of Georgetown and less than a block west of the US Naval Observatory and… more