The 2011 National Association of Realtors (NAR) 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.
Now, more buyers are married, older and have higher incomes, and there is a striking lack of diversity in the homebuyer pool with 85 percent of American buyers who identify themselves as Caucasian, and almost all were born in the United States 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.”
The buyer pool tends to be older and plans to keep the American dreams of homeownership, land ownership and investment alive, but the haves and have-nots, like many demographics in America, are becoming disparate.
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. 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 homebuyer demographics and behaviors.
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