Florida Homebuyers - A Look at the Numbers

What Are The Typical characteristics of a Florida Homebuyer?

Based on a review of NAR’s “2007 Profile of Florida Homebuyers", the answers to this question are intriguing and provide real estate professionals many valuable insights into who their potential clients are and what motivates them to buy a home. Having this information is more important than ever in order to understand the changing demands of consumers in today's dynamic marketplace.

Florida Homebuyer Characteristics

• The median age of homebuyers was 43 years old.
• The median income of homebuyers was $67,500.
• 64% of homebuyers reported they had no children under age 18 living in the home.
• 59% of homebuyers were married couples, 21% single females, 12% single males, and 6% were unmarried couples.
• First-time homebuyers accounted for 38 percent of the homes purchased.
• The median age for first-time buyers was 32 years old.
• The median income of first-time homebuyers was $58,400.
• 18% of Florida homebuyers reported they were born outside the United States.
• 7.3% of homebuyers were foreign nationals.

Home Purchase Characteristics

• 27% of buyers purchased newly built homes.
• 58% of the homes purchased were detached single-family properties.
• The average size of homes purchased was 1,700 square feet.
• The median price of homes purchased was $230,000.

The Home Search Process

The Internet:

• 80% of homebuyers used the Internet to search for homes.
• 72% of buyers viewed the Internet as a very useful tool in their home search.
• 25% of buyers reported that their first step in the home-buying process was looking online for properties for sale.
• 19% of buyers first learned about the home they purchased through the Internet.
• The typical Internet buyer was 40 years old and visited a median 10 homes.

Real Estate Professionals:

• 42% of buyers said their first step was to contact a real estate agent.
• The typical homebuyer that did not use the Internet to search for homes was 53 years old and saw a median 5 homes.
• 37% of buyers first learned about the home they purchased from a real estate agent.
• Buyers searched for an average of two weeks on their own before contacting an agent.

Home Buying and Realtors®

• 71% of homebuyers purchased their home through a real estate agent or broker.
• 52% of first-time buyers were referred to their Realtor® by a friend, family member, neighbor or relative.
• 68% of recent buyers will definitely use their Realtor® again or recommend them to others.
• Consumers expect real estate professionals to display high levels of knowledge and integrity and 98% of buyers ranked these traits as “very important” factors when choosing a real estate professional to assist them with their home purchase.

From this review, some things are strikingly clear. Florida is attracting people of all ages, not just retirees. Foreign nationals are playing an ever increasing role in the real estate marketplace. Knowledge and reputation in the real estate industry means everything. And, consumers are becoming more internet savvy and using that knowledge before they contact an agent to assist them in purchasing a home. Realtors® who recognize these trends and use them to their advantage will stay far ahead of the competition in the homebuyers' eyes.

Gulf Coast Associates, Realtors® specializes in upscale Florida properties from Bonita Springs to St. Petersburg.

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