Real Estate: 2012 Profile of Home Buyers & Sellers
An interesting read from The National Association of Realtors.
At Camden Hills Realty, we thought you might enjoy a few of the highlights from the National Association of Realtors report, entitled “2012 Profile of Home Buyers and Sellers.” We tried to stay focused on comments pertaining to Maine.
50% of recent home buyers were first-time buyers in Maine with the typical buyer being 41 years old.
Eighteen (18%) of purchases were by single women.
Only 11 percent of the homes purchased where new, reflective of current economy tied to a lack of demand for new construction.
Heating and cooling costs were important to 95% of Mainers when purchasing a home.
The use of the Internet in the home search process by Mainers was 97 percent for of all buyers and 99 percent for buyers under the age of 44.
The typical home buyer in Maine searched for 12 weeks and viewed 8 homes.
92% of Mainer purchased their home through a real estate agent or broker.
Nationally, 23 percent of buyers reported the mortgage application and approval process was somewhat more difficult than expected and 17 percent reported it was much more difficult than expected; a function of tight but not impossible credit standards.
Married couples had the highest share of the purchases which was a function of the buying power of dual incomes.
Eighty-nine (89%) percent of sellers in Maine were assisted by a real estate agent
In Maine, recent sellers typically sold their homes for 95 percent of the listing price and 60 percent reduced the asking price at least once.
In combination 97% of the sale/purchase came through use of agent, the Internet and a yard sign. Surprisingly traditional media advertising played a small role.
The report ran over 20 pages long. We tried to convey the more interesting findings for more information, please feel free to contact John Burgess at Camden Hills Realty.