The Latest Facts and Figures about Buyers and Sellers in Florida
What does the typical Florida home buyer or seller look like?
Only 1 in 5 (22 percent) of buyers are first-timers compared with 34 percent in the U.S., and they're typically 45 years old.
On the other hand, the average seller is 60 years old, makes about $96,500 annually and owns a home that they think is too small.
Each year the National Association of Realtors does a deep dive into who's buying and selling homes. The facts and figures about buyers and sellers in Florida included in the report offer insights into the Sunshine State's unique housing market.
Here are some highlights from the latest report from 2017:
Characteristics of Florida homebuyers
- First-time buyers made up 22 percent of all home buyers
- The typical buyer was 54 years old this year and had a median household income of $83,000.
- 68 percent of recent buyers were married couples, 14 percent were single females, 9 percent were single males, and 8 percent were unmarried couples.
Characteristics of Florida homes purchased
- 34 percent of new home buyers were looking to avoid renovations and problems with plumbing or electricity and 34 percent of previously owned homes were looking for a better overall value.
- Detached single-family homes continue to be the most common home type for recent buyers at 79 percent.
- Home prices increased slightly this year to a median of $215,000 among all buyers. Buyers typically purchased their homes for 97 percent of the asking price.
- The typical home that was recently purchased was 1,800 square feet, had three bedrooms and two bathrooms, and was built in 1996.
The home search process
- For 42 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 22 percent of buyers first contacted a real estate agent.
- 81 percent of recent buyers found their real estate agent to be a very useful information source, and 83 percent found websites very useful in the home search process.
- Buyers typically searched for 10 weeks and looked at a median of 10 homes.
Home buying and real estate professionals
- 83 of buyers recently purchased their home through a real estate agent or broker.
- Having an agent to help them find the right home was what buyers wanted most when choosing an agent at 56 percent.
- 36 percent of buyers used an agent that was referred to them by a friend, neighbor, or relative.
- Seven in 10 buyers interviewed only one real estate agent during their home search.
- 89 percent of buyers would use their agent again or recommend their agent to others.
Financing the home purchase
- 81 percent of recent buyers financed their home purchase on a national level. Those who financed their home purchase typically financed 90 percent.
- First-time buyers who financed their home typically financed 94 percent of their home compared to repeat buyers at 87 percent.
- Buyers continue to see purchasing a home as a good financial investment. 80 percent reported they view a home purchase as a good investment.
Home sellers and their selling experience
- The typical home seller was 60 years old, with a median household income of $96,500.
- For all sellers, the most commonly cited reasons for selling their home were moving for retirement (15 percent), the desire to move closer to friends and family (12 percent), and a job relocation (11 percent).
- Sellers typically lived in their home for 11 years before selling, the same as last year.
- 90 percent of home sellers worked with a real estate agent to sell their home.
- For recently sold homes, the final sales price was a median 98 percent of the final listing price.
Home selling and real estate professionals
- 63 percent of sellers found their agent through a referral from a friend, neighbor, or relative or used an agent they had worked with before to buy or sell a home.
- 74 percent of recent sellers contacted only one agent before finding the right agent they worked with to sell their home. cent.
- 93 percent of sellers listed their homes on the Multiple Listing Service (MLS), which is the number one source for sellers to list their home.
- 81 percent of sellers reported that they provided the agent’s compensation