A snapshot of a “typical” buyer and seller
Posted on Jul 19th, 2008
Ever wonder about the “typical” Illinois home buyer or seller?
The 2007 Illinois Profile of Home Buyers and Sellers, conducted by the National Association of REALTORS and funded by the Illinois Association of REALTORS, offers some interesting insights.
Highlights - Characteristics of Home Buyers
* The median age of home buyers was 40 years old. Among first-time buyers, the median age was 31.
* The median household income of home buyers was $78,900 compared to $73,960 in the U.S.
* 60 percent of home buyers reported that there were no children under age 18 residing in the home.
* 58 percent of home buyers were married couples, 21 percent single females, 10 percent single males, and 8 percent were unmarried couples.
* First-time home buyers accounted for 37 percent of homes purchased in 2007.
* 49 percent of first-time home buyers were between 25 and 34 years old.
* The median income of first-time home buyers was $63,100 compared to $58,573 among all first-time buyers nationally.
* 29 percent of homebuyers reported using a social networking Web site such as MySpace, Facebook, LinkedIn and Friendster.
Highlights - Characteristics of Homes Purchased
* 62 percent of homes purchased were detached single-family homes.
* The typical home buyer purchased a home 9 miles from their previous residence.
* The median price of homes purchased was $228,557 (in the survey period) compared to $215,000 in the U.S.
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Highlights - The Home Search Process
* Recent home buyers searched for a home for a median 8 weeks and saw a median 11 homes.
* 86 percent of home buyers used a real estate professional during their home search.
* 67 percent of home buyers used the Internet frequently to search for homes.
* Among home buyers, the typical Internet searcher was 37 years old and visited a median 15 homes. The typical home buyer that did not use the Internet to search for homes was 48 years old and saw a median of 6 homes.
* 41 percent of home buyers first learned about the home they purchased from a real estate professional; 32 percent first learned about the home they purchased through the Internet.
* 82 percent of buyers viewed the Internet as a very useful tool in their home search.
Highlights - Home Sellers and their Selling Experience
* The median age of home sellers was 41 years old; they had a median household income of $92,700
* 73 percent of home sellers were married and 51 percent had no children under 18 years old living at home.
* The typical home seller owned their home for 6 years.
* The typical home was on the market for 8 weeks; 42 percent of home sellers did not reduce their asking price before their home sold.
* 84 percent of sellers used an agent or broker to sell their home.
* 57 percent of all sellers were very satisfied with the selling process.
Tags: buyers, Illinois, real estate, sellers
