Home buying trends for 2011
The 2011 National Association of Realtors® Profile of Home Buyers and Sellers surveyed 5,708 home buyers and sellers, learning that the demographics of home buyers and types of homes being sold has shifted drastically this year, mostly due to job instability and insecurity as well as tightened lending and that more buyers are married, older and have higher incomes and there is a striking lack of diversity in the home buyer pool with 85 percent of American buyers identifying themselves as Caucasian, and almost all were born in America and primarily speak English.
Why are consumers buying? They cite a desire to own a home as a top reason to buy with affordability close behind. Most people purchased a home because of life changes like a new baby, relocated job or empty nest, and because it was “just the right time to buy.”
We’ve covered in depth that home buyers now expect to live in their homes much longer and make fewer compromises when purchasing, and they’re getting better deals and are buying bigger homes, typically because the type of buyer is more mature this year as first time buyers don’t qualify for loans as frequently.
Charts, charts, charts
Our in-depth coverage of the recent NAR report has helped the industry to understand not only what NAR reports but what other indicators to consider, painting a picture of an increasingly practical nation that is having difficulty getting loan approval all the while buying bigger, more expensive homes for those who can get loans, and they plan to stay put for 15 years on average.
Sometimes words do not click with everyone and our number crunchers prefer to see data charted, so we’re bringing all of the charts to you that outline what and why buyers purchased this year:
Click any chart to enlarge.