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Who's buying houses: the typical homebuyer

While the number of home sales has declined precipitously in the last few years, there are still some homebuyers out there.

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Surprisingly perhaps, it's the same people who were buying a few years ago during the boom. There are just fewer of them.

So particularly in this tough market, an enterprising home seller might want to get a better idea of who a typical homebuyer might be.

For example, you might be surprised to learn that 60 percent of buyers either have no children or no children younger than 18 living at home.


Here's a glimpse of the typical homebuyer, by the numbers:
Age: 39.
Household income: $74,000 (median).
Search: Takes eight weeks, sees 10 homes.
Location: Half of buyers want something within 13 miles of where they currently live.
Buys: 1,810-square-foot, single-family home.
Pays: $215,000 (median).
Down payment: 9 percent (median).
Bargaining power:
36 percent pay asking price or more.
37 percent pay 95 percent to 99 percent of asking price.
28 percent pay 94 percent or less of asking price.
Family situation:
Married couples: 62 percent.
Single women: 20 percent.
Single men: 9 percent.
Unmarried couples: 7 percent.
Other: 2 percent.
Race:
Caucasian: 83 percent.
African-American: 7 percent.
Hispanic/Latino: 6 percent.
Asian/Pacific Islander: 5 percent.
Other: 2 percent.
Source: National Association of Realtors, 2007
Bankrate.com's corrections policy
-- Posted: Feb. 14, 2008
 
 
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