Existing home prices have inched up a bit over the last month and new home sales rose 5.7 percent in September. In fact, every home sold adds $60,000 to the economy. Good news, but we thought we’d share what types of homes sell and who buys them. From houselogic.com come these interesting factoids.
- The typical home purchased was 1,780 sq. ft., was built in 1990 and had three bedrooms and two bathrooms, according to the 2010 National Association of Realtors survey.
- 44% of sellers offered incentives, such as home warranties and help with closing costs to attract buyers.
- Recent sellers typically sold their home for 96 percent of the listing price; 57 percent reduced the asking price at least once.
- More single females buy homes than single males. But, single male buyers grew by two percentage points between 2009 and 2010.
- The median price buyers paid for homes was $179,000.
There’s also some interesting info about renters and homeowners. Historically, homeowners’ net worth has ranged from 31 to 46 times that of renters. While a fixed-rate mortgage might not change for 15 to 30 years, rent typically increases three percent a year. Visit the Moveflat.co.uk website.
The housing industry and employment are still a long way from recovery, but Americans still believe that homeownership matters and that is a worthwhile goal.