Home Buying Findings in Florida — Hints for Home Buyers, Sellers, Realtors

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Most prospective home buyers in Florida used the Internet to look for homes, but eventually they turned to real estate agents to finally buy the homes they wanted, according to a study of home buyers and sellers in 2010 by the National Association of Realtors.

Here are several findings from the NAR study in Florida which can be considered by people in their home buying and home selling efforts in various cities in Florida:

1.  Home buyers searched online for homes. The first step for most prospective homebuyers was to go online and look for homes. Since this online process is clearly much more convenient than driving around communities, this has become the most popular way to search for homes.

With the advent of search tools that can lead searchers quickly to desired types and prices homes in desired communities and mapping tools that provide relevant information on communities, such as schools, recreation areas, parks, and crime rates, searching online for homes has become the norm. Nearly 9 in 10 home buyers in Florida did their search for homes online. They spent an average of 12 weeks looking for homes and viewed on-site an average of 15 homes before buying.

2. Real estate agents were still popular. Contrary to the claims by some people that realtors are no longer needed in real estate transactions, most homebuyers are still relying on realtors for their real estate needs. Nearly 80 percent of Florida homebuyers bought their homes through the services of a real estate agent in 2010.

These agents must also have done their best for their clients as 72 percent of homebuyers said they would definitely recommend their agents to their friends and other people or would contact them again for future deals. Of the almost 80 percent who used realtors, 44 percent of them found their agents through referrals from family members or friends.

3. The detached single-family home was still the most desired type of home, with 78 percent buying this home type. The typical property bought was 1,800 square feet in area, had 3 bedrooms and two bathrooms and was built in 1998. The median price paid was $161,000, ten percent lower than the nationwide median of $179,000. Seventy-three percent of homebuyers considered commuting cost as an important factor in their homebuying decision.

4. The impact of young first-time home buyers on the market was still substantial as they accounted for 44 percent of all buyers in 2010 in Florida. The typical first time buyer was 31 years old with a median income of $53,500. Unmarried women buyers pursued their home ownership dreams, accounting for 19 percent of all home buyers.

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