Florida Realtors released ifs 2013 Profile of Florida Homebuyers and Sellers this week, a study compiled by the National Association of Realtors (NAR). The 2013 highligts were:
* 27% were first-time buyers compared to 38% nationally. Tom: Even lower percentage of first-time buyes in SW Florida, as we have more second home- older and foreign buyers here.
* The typical Florida buyer was 55 years old; the typical first-time buyer was 34; and the typical repeat buyer was 60
Characteristics of Florida homes purchased:
* In Florida, 22% of purchases were new homes
* The typical hoome was 1,900 square feet and built in 1996, with three bedrooms and two bathrooms
Florida Home Search Process:
* The use of the Internet in the home search in Florida was 88%, but nationally is was higher at 92%.
*The typical Florida homebuyer searched for 10 weeks and viewed 10 homes. Tom: I believe the average search time in SW Florida is closer to 6 - 9 months, but I don't have specific numbers
Florida Real Estate Professionals:
* In Florida, 82% of buyers purchased their home through a real estate agent
* 53% of recent Florida buyers only interviewed one agent before selecting one, and 88% of buyers would use their agent again or recommend him or her to others
Financing a Florida Home Purchase:
* The share of first-time buyers who financed thier home purchase was 88% compared to 64% of repeat buyers. Tom: SW Florida has a much higher percentage of cash buyers than the state or the nation as a whole because the typical buyer here is older, with more assets. Also, most foreign purchases are cash sales
Florida Home Sellers and the Selling Experience:
* The typical seller lived in their home for nine years, up from the historical average. Tom: This is attributable to the fact that many homeowners were underwater. In a few years, as equity in home continues to increase, I expect the average ownership period to drop to the more traditional 5 - 7 year period.
* 10 percent of recent sellers had to delay their home sale because the value of their home was worth less than their mortgage. Tom: I'm surprised it was only 10% in the state, and the figure was definitely higher in our area
For-Sale-by-Owner (FSBO) Sellers
* The typical FSBO home sold for for $223,000 compared to $241,000 among agent-assisted homes. Tom: A FSBO sold for 8% less than homes sold via a real estate agent, a 2% overall loss for the privilege of being saddled with all the work, stress, and any marketing related expenses. I don't quite understand the FSBO logic.