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What Characterizes a Florida Home Buyers and Sellers?

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Florida Realtors 2018 Profile of Home Buyers and Sellers

ORLANDO, Fla. – Jan. 10, 2019 – In many ways, Florida homebuyers and sellers look very similar to U.S. buyers and sellers – but in some ways they differ.

The average age of a Florida homebuyer, for example, is 57 years old, reflecting perhaps the state's fame as a retirement mecca, while the typical U.S. buyer is 46 years old, according to the newly release 2018 Profile of Home Buyers and Sellers Florida Report.

The state also has a noticeably higher number of newly built home sales. According to the profile, they made up 20 percent of all 2018 sales; nationally, only 14 percent of 2018 sales were for new homes.

Report highlights

Florida homebuyer characteristics

  • First-time buyers made up 24 percent of Florida homebuyers (33 percent nationally).
  • The typical Florida buyer was 57 years old (46 years old nationally).
  • The 2018 median income was $85,000 ($91,600 nationally).
  • 63 percent of buyers were married couples, 19 percent were single females, 8 percent were single males, and 6 percent were unmarried couples.
  • 12 percent of homebuyers purchased a multi-generational home, to take care of aging parents, for cost savings, and/or because children over age 18 were moving back home.
  • 89 percent identified as heterosexual, 5 percent as gay or lesbian, and 1 percent as bisexual.
  • 21 percent of recent homebuyers are veterans and 3 percent are active-duty service members.
  • The primary reason for purchasing a home was a desire to own a home of their own (25 percent of Florida buyers).

Characteristics of Florida homes purchased

  • Buyers of new homes made up 20 percent (14 percent nationally) and buyers of previously owned homes made up 80 percent (86 percent nationally).
  • Most recent buyers (38 percent) who purchased new homes wanted to avoid renovations and problems with plumbing or electricity.
  • Buyers who purchased previously owned homes most often considered a better price (36 percent. Buyers of existing homes (37 percent) were looking for a better overall value.
  • Detached single-family homes continue to be the most common home type for recent buyers (80 percent).
  • 23 percent bought senior-related homes (13 percent nationally).
  • There was a median of 21 miles between the homes that recent buyers purchased and the homes that they moved from.
  • Home prices increased slightly this year to a median of $244,500; sellers received 98 percent of the asking price.
  • The typical home was 1,860 square feet and built in 1998.
  • Overall, buyers expect to live in their homes a median of 15 years.

Finding a Florida home

  • For 39 percent of recent buyers, the first step in the home buying process was to look online at properties for sale, while 19 percent contacted a real estate agent.
  • 79 percent of recent buyers found their real estate agent to be a very useful information source. Online websites were seen as the most useful information source at 90 percent.
  • Buyers typically searched for 10 weeks and looked at a median of 10 homes.
  • The typical buyer who did not use the internet during their home search spent eight weeks searching and visited five homes.
  • Among buyers who used the internet during their home search, 85 percent of buyers found photos helpful and 85 percent found detailed information about properties for sale very useful.
  • 64 percent of recent buyers were very satisfied with the home buying process.

Florida home buying and real estate professionals

  • 87 percent of buyers purchased their home through a real estate agent or broker.
  • 54 percent said they worked with an agent to find the right home.
  • 34 percent of buyers used an agent referred to them by a friend, neighbor or relative.
  • 60 percent of buyers interviewed only one real estate agent during their home search.
  • 90 percent of buyers would use their agent again or recommend their agent to others.

Financing a Florida home purchase

  • 81 percent of recent buyers financed their Florida home purchase, and the typical amount financed was 84 percent.
  • First-time buyers with a mortgage typically financed 90 percent of their home's value; for repeat buyers, it was 80 percent.
  • For 62 percent of buyers, the source of their downpayment came from savings and 18 percent used proceeds from sale of a primary residence.
  • 9 percent said saving was the most difficult step in getting a downpayment (13 percent nationally).
  • Of buyers who said saving for a downpayment was difficult, 39 percent reported that student loans made saving for a downpayment difficult; 57 percent said credit card debt, and 47 percent had car loans.
  • 85 percent said they view a home purchase as a good investment.

Florida home sellers and their experience

  • The typical home seller was 61 years old (55 years nationally), with a median household income of$90,500 ($98,800 nationally).
  • Reasons that Floridian owners sold: retirement (17 percent), job relocation (12 percent), home is too small (12 percent), and a desire to move closer to friends and family (12 percent).
  • Sellers typically lived in their home for 10 years before selling.
  • 87 percent of sellers worked with a 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.
  • Recently sold homes were on the market for a median of three weeks.
  • 26 percent of all sellers offered incentives to attract buyers (37 percent nationally).
  • Home sellers cited that they sold their homes for a median $41,500 more than they purchased it ($55,500 nationally).
  • 67 percent of sellers were very satisfied with the selling process.

Florida home selling and real estate professionals

  • 64 percent of home sellers found their agent through a referral from a friend, neighbor or relative, or they used an agent they had worked with before to buy or sell a home.
  • 71 percent of recent sellers contacted only one agent before finding the right agent they worked with to list their home.
  • 89 percent of sellers listed their homes on the Multiple Listing Service (MLS).
  • 84 percent of sellers said that they provided the agent's compensation (77 percent nationally).
  • The typical seller has recommended their agent once since selling their home; 34 percent recommended their agent three or more times.
  • Eighty-five percent said that they would definitely (71 percent) or probably (16 percent) recommend their agent for future services.

© 2019 Florida Realtors®                 

                                                                             

Information provided by Florida Realtors.  Click here to see the original article.

Reprinted with permission Florida Realtors. All rights reserved. 

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