What does a ‘Typical’ Florida Buyer, Seller Look Like?

Latest Florida 2014 Profile of Home Buyers and Sellers, compiled by the National Association of Realtors® (NAR) research staff and released by Florida Realtors provides some insights.

Palm Coast, FL – January 19, 2015 – While a single description doesn't apply to every buyer and seller, the latest Florida 2014 Profile of Home Buyers and Sellers, 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

The home search process

• 40 percent of home buyers nationally started their home search online; 12 percent relied on the Internet for information about the process
• 91 percent of Florida buyers used the Internet in some way during the home search process, but only 12 percent used a mobile device – noticeably less than the 50 percent nationally who used a mobile device
• 97 percent of Florida buyers view real estate agents as a source of useful information
• The typical home buyer searched for 10 weeks and viewed 10 homes
• 87 percent of Florida buyers were at least somewhat satisfied with the process

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

Home sellers and the selling experience

• The typical seller lived in their home for 11 years
• 87 percent of sellers were assisted by a real estate agent
• In Florida, sellers typically sold their homes for 97 percent of the listing price, though 50 percent reduced their asking price at least once
• 15 percent of sellers had to delay their home sale because the value of their home was worth less than their mortgage
• 29 percent of sellers offered incentives to attract buyers – most often assistance with home warranty policies and closing costs

Home selling and real estate professionals

• 35 percent of Florida sellers using a real estate agent relied on a referral from friends or family; 21 percent used an agent they worked with previously
• 65 percent of home sellers only contacted one agent before selecting one
• 92 percent of sellers reported that their home was listed or advertised on a multiple listing (MLS) website
• Among sellers who used an agent, 81 percent said they would definitely (68 percent) or probably (13 percent) use that real estate agent again or recommend him or her to others

For-Sale-by-Owner (FSBO) sellers

• 12 percent of Florida home sellers sold their home without the assistance of a real estate agent. Of those sellers, 33 percent already knew the buyer
• 8 percent of Florida FSBO sellers who did not already know the buyer sold after the buyer contacted them
• 50 percent of Florida FSBO sellers said they went the independent route because they did not want to pay a fee or commission

The complete Florida 2014 Profile of Home Buyers and Sellers can be downloaded from Florida Realtors website.

© 2015 Florida Realtors®. All rights reserved. Reprinted with permission.