ORLANDO, Fla. – Jan. 17, 2018 – What does the typical Fla. buyer or seller look like? Only 1 in 5 (22 percent) of buyers are first-timers compared to 34 percent in 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.
The insights stem from the 2017 Profile of Home Buyers and Sellers Florida Report issued by Florida Realtors®with data compiled by the National Association of Realtors® (NAR) research department. The report can also be downloaded via the “Residential” drop-down menu on Florida Realtors’ research page.
Report Highlights
Florida homebuyer characteristics
- In Florida, 22 percent of all buyers were first-timers. (Nationally, it was 34 percent.)
- The typical Florida buyer was 54 years old and had a median income of $83,000.
- 68 percent were married couples, 14 percent were single females, nine percent single males, and eight percent unmarried couples.
- 15 percent of homebuyers purchased a multi-generational home.
- 88 percent of recent Florida homebuyers identified as heterosexual, four percent as gay or lesbian and less than one percent as bisexual. The rest preferred not to answer.
- 25 percent of buyers are veterans and three percent are active-duty service members in Florida. Nationally, only 18 percent of recent homebuyers were veterans.
- At 26 percent, the primary reason for purchasing a home was the desire to own a home of their own.
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Characteristics of Florida homes purchased
- In Florida, 18 percent of first-time buyers purchased a new home and 82 percent bought a previously owned home.
- Why wait for a new home to be built? In Florida, 34 percent wanted to avoid renovations and problems with plumbing or electricity.
- Why buy a previously owned home? 34 percent were looking for a better overall value.
- 79 percent of buyers opted for a detached single-family home.
- 21 percent bought a senior-related home.
- The median home price was $215,000 and 97 percent of the asking price.
- The typical Florida home purchased was 1,800 square feet and built in 1996.
- Overall, buyers expect to live in their homes for a median of 15 years.
The home search process
- In Florida, 42 percent of buyers looked online first and 22 percent contacted a real estate agent.
- 81 percent found real estate agents very useful, and 83 percent said the same for websites.
- Florida buyers typically searched for 10 weeks and looked at 10 homes. However, those who did not search the internet looked at six homes over three weeks.
- Among buyers who used the internet, 86 percent found photos useful.
- In Florida, 64 percent were satisfied with the buying process – a better report card for the state than the 61 percent satisfied nationally.
Home buying and Florida’s real estate professionals
- 83 percent of Floridians (86 percent nationally) purchased their home through a real estate agent or broker.
- Why work with a Realtor? In Florida, 56 percent said it was to find the right home.
- 36 percent of Florida buyers (42 percent nationally) used an agent referred by a friend, neighbor or relative, and 12 percent used an agent that they had worked with in the past.
- Seven in 10 buyers interviewed only one real estate agent during their home search.
- Eighty-nine percent of buyers would use their agent again or recommend their agent to others.
Florida sellers and the selling experience
- The typical Florida home seller was 60 years old, with a median household income of $96,500.
- In Florida, the top reasons for moving were retirement (15 percent), the desire to move closer to friends and family (12 percent) and a job relocation (11 percent).
- Florida sellers typically lived in their home for 11 years before selling.
- 90 percent of home sellers worked with a Florida 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.
- 33 percent of all sellers offered incentives to attract buyers.
- 66 percent of Florida sellers were very satisfied with the selling process.
Sellers and Florida’s real estate professionals
- 63 percent of Florida home sellers found their agent through a referral from a friend, neighbor, or relative, or they used an agent they had worked with before.
- 74 percent of recent Florida sellers contacted only one agent before finding the one they worked with to sell their home.
- 93 percent of sellers listed their homes on the Multiple Listing Service (MLS).
- 81 percent of sellers reported that they provided the agent’s compensation.
- 34 percent of Florida’s sellers have recommended their agent to others at least three or more times since selling their home.
- In Florida, 67 percent said they would definitely recommend their agent for future services, and 16 percent said probably.
© 2018 Florida Realtors®