In Florida, 22 percent of home buyers were first-timers, though the percentage was notably higher nationwide at 35 percent.
ORLANDO, Fla. – February 3, 2017 – In Florida, 22 percent of home buyers were first-timers, though the percentage was notably higher nationwide at 35 percent. And the average Florida homebuyer was also older: 55 years old compared to 44 years old nationally, and they had a median income of $83,900.
On the other hand, the average Florida seller was 54 years old with a median household income of $100,700. The most common reason for selling? Retirement (18 percent), job relocation (16 percent) and a desire to move closer to friends and family (14 percent).
Florida buyers appear much more dependent on Realtors than buyers nationally. According to the study, 50 percent of recent Florida buyers contacted an agent first when it was time to buy a home. Nationally, 17 percent did so, with most starting the process (44 percent) by conducting a general online search.
The 2016 Profile of Home Buyers and Sellers Florida Report , which is compiled by the National Association of Realtors®, is posted on Florida Realtors’ website in the research section under the “Residential” dropdown option.
Characteristics of Florida home buyers
- 68 percent were married couples, 14 percent were single females, nine percent were single males, and eight percent were unmarried couples
- 12 percent purchased a multi-generational home, to take care of aging parents, cost savings or because children over the age of 18 were moving back home
- 88 of recent home buyers identified as heterosexual and 4 percent as gay or lesbian, one percent as bisexual, and seven percent preferred not to answer
- 28 percent of recent are veterans and two percent active-duty service members
Florida homes purchased
- 19 percent of buyers purchased a new home; 81 percent a previously owned home.
- Reason for buying a new home: 29 percent wanted the ability to customize design features and 37 percent were looking for a better overall value
- Detached single-family homes continue to be the most common home type at 83 percent
- 11 percent bought senior-related homes
- There was only a median of 18 miles between a newly purchased home and one that was sold
- The typical home was 1,710 square feet and built in 1964
- Overall, buyers expect to live in their homes for a median of 15 years, and 18 percent say they’re never moving
Florida home search process
- 80 percent of found their real estate agent to be a very useful information source; 83 percent saw online websites as their most useful info source
- Buyers typically searched for 10 weeks and looked at a median of 10 homes
- Buyers who did not use the Internet looked at three homes over three weeks; buyers who used the Internet searched for 10 weeks and visited 10 homes
- Among buyers who used the Internet, 93 percent found photos
- 60 percent were very satisfied with their recent home buying process
Home buying and Florida’s real estate professionals
- 85 percent purchased through a real estate agent
- 35 percent used an agent referred to them by a friend, neighbor or relative
- 60 percent interviewed only one real estate agent during their home search
- 88 percent of buyers would use their agent again or recommend their agent to others. Eighty-eight percent would use or recommend their agent again in Florida
Florida home sellers
- Sellers typically lived in their home for 11 years before selling
- 85 percent of home sellers worked with a real estate age
- Homes were on the market a median of eight weeks
- 32 percent of all sellers offered incentives to attract buyers
- 58 percent of sellers were very satisfied with the selling process
Home sellers and Florida’s real estate professionals
- 53 percent of sellers found their agent through a referral from a friend, neighbor or relative, or used an agent they had worked with before
- 64 percent contacted only one agent
- 93 percent listed their homes on the Multiple Listing Service (MLS)
- The typical seller has recommended their agent one time since selling their home
- 68 percent said they would definitely or probably (14 percent) recommend their agent for future services
© 2017 Florida Realtors. All rights reserved. Reprinted with permission.