First-Time Home Buyer Survey.pptVIP

Keller Williams Research * Keller Williams Research * Keller Williams Research * First-Time Home Buyer Survey Keller Williams Research Overview This survey was administered to agents who have worked with first-time buyers in 2009. 2,453 Keller Williams agents responded to the survey. They were asked to answer questions on the most recent first-time buyer they worked with. We analyzed the responses of those agents who worked with a first-time home buyer in the last three months. Table of Contents Market Conditions…………………… 4 Demographics……………………….. 5 What Did They Buy?........................... 8 Buyer Consultation…………………... 11 Buyer Motivation ………………….... 12 Home Criteria ………………….......... 13 Communication…………………........ 15 Financing………………….................. 17 Home Tours………………….............. 19 Concessions………………………….. 21 Down Payment………………………. 24 Problems and Issues…………………. 26 Closing………………………………. 28 The majority of first-time buyers in early 2009 purchased their home in a Buyer’s Market. Market Conditions Marital Status 46% of first-time home buyers were married. The proportion of married first-time buyers appear to be declining over time1. Surprisingly, the number of single males buying homes are competitive to the number of single females buying their first home. In the last few years, the number of single females buying their first home far outnumbered the number of single males1. Married Couple 46% Unmarried Couple 13% Single Female 21% Single Male 19% Other 1% 1 Source: NAR Profile of Homebuyers and Sellers 40% The median household size is two. 75% of first-time buyers had two or more people of any age living in the home. Household Size 43% = 2 people 17% = 3 people 10% = 4 people 3% = 5 people 2% = than 5 25% = 1 person Age 51% of first-time buyers are in the 25 to 30 age group. The overall median age is 28 which is significantly lower than the median age of 32 four years ago1. 1 Source: 2006 NAR Profile of Homebuyers and Sellers Home Type Single Family