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RSS FeedWASHINGTON STATE TYPICAL HOME BUYERS AND SELLERS |
Apr. 6, 2008
Categorized in: Washington State housing news
Washington REALTORS® commissioned the National Association of Realtors (NAR) to research home buyers and sellers in Washington State to identify key characteristics and compare them to consumers nationwide. The resulting 2006 NAR Profile of Home Buyers and Sellers can help real estate professionals as well as our public stay on top of what is happening.
CHARACTERISTICS OF HOME BUYERS
Overall Washington home buyers had a higher income ($77,100 compared to $71,800) than buyers nationwide.
Of those who bought homes in Washington 63 percent were married and 64 percent had no children under the age of 18 living with them.
First time buyers were typically under the age of 34 with a medium income of $54,500 (compared to $58,300 nationally) and accounted for 35 percent of home purchases in 2006.
CHARACTERISTICS OF HOMES PURCHASED
Seventy-five percent of homes purchased in 2006 were detached single family homes. However, only 44 percent of homes purchased in Washington were in suburbs compared to 55 percent for the rest of the country.
Also in 2006 the typical Washington home buyer purchased a home 13 miles from their previous residence and the median price of homes purchased was $272,000 (compared to $214,000 in the U.S.).
When it came to choosing the location for their home purchase 58 percent of buyers ranked the quality of the neighborhood as the most important feature. Proximity to job, nearness of friends and family, and the convenience of shopping were the next three biggest factors influencing home location.
Other factors in order of significance were: the quality of the school districts and design of the neighborhood, access to leisure and entertainment activities, location of schools and parks/recreation, availability of health facilities and public transportation as well as other miscellaneous items. The proximity to an airport and belonging to a planned community were the least influential factors.
THE HOME SEARCH PROCESS
A whopping 91 percent of home buyers in Washington used a real estate professional during their home search compared to 85 percent nationally, with 94 percent of repeat buyers utilizing a real estate professional. Seventy-one percent of buyers found their real estate agent to be very useful in their search for a home.
The Internet continues to be a fast growing tool in the real estate market with 65 percent of home buyers using it regularly to search for a home and 30 percent of buyers going on purchase homes they first found via the Internet.
Whether or not they use it often 74 percent of buyers viewed the Internet as a very useful tool in searching for a home.
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