While a single description doesn't apply to every buyer, the latest Florida 2014 Profile of Home Buyers compiled by the National Association of Realtors® (NAR) research staff and released by Florida Realtors provides some insights.
Florida 2014 highlights
Home buyer characteristics
- 24 percent of home buyers were first-time buyers in Florida, compared to a national level of 33 percent
- 14 percent of buyers purchased a multi-generational home because older children moved back, to save money or to take care of aging parents
- The typical buyer was 54-years-old; the typical first-time buyer was 33; and the typical repeat buyer was 59
- 67 percent of buyers were married
Characteristics of homes purchased
- New home purchases continue to drag at a share of 18 percent
- 81 percent of buyers purchased a detached single-family home
- 21 percent of buyers over the age of 50 bought a home in senior-related housing
Home buying and real estate professionals
- 85 percent of buyers purchased their home through a real estate agent or broker
- 35 percent of buyers found their agent through a referral from a friend or family member; 10 percent used an agent they had used before
- 54 percent of recent Florida buyers only interviewed one agent before choosing representation
- 89 percent of buyers would use their agent again or recommend them to others
Financing the home purchase
- 77 percent of Florida buyers financed their home purchase – less than the 88 percent who did so nationally
- 25 percent of buyers said the mortgage application and approval process was somewhat more difficult than expected; 24 percent said it was much more difficult than expected
- In Florida, 82 percent of buyers believe their home is a good financial investment
Warmest Regards,
Kevin Aizenshtat
Realtor