The Latest Facts and Figures about Buyers and Sellers in Florida

23 Jul at 9:46 am

2022-11-04 16:38:44

A detailed look at who’s buying, who’s selling, which properties are most attractive and how people deal with the entire process.

What does the typical Florida home buyer or seller look like?

Each year, the National Association of Realtors conducts a deep dive into who’s buying and selling homes. The report includes facts and figures about buyers and sellers in Florida, offering insights into the Sunshine State’s unique housing market.

Here are some highlights from the latest report from 2021:

Characteristics of Florida homebuyers

First-time buyers made up 21 percent of Florida home buyers, compared to 34 percent nationwide.
The typical buyer was 57 years old and had a median income of $95,900.
Sixty five percent of recent buyers were married couples, 18 percent were single females,
eight percent were single males and seven percent were unmarried couples.
Eight percent of home buyers purchased a multi-generational home, to take care of aging parents, because of children.
over the age of 18 moving back home, for cost savings, and to spend more time with aging parents.
Eighty-seven percent of recent home buyers identified as heterosexual, three percent as gay or lesbian, and one percent as bisexual.
Twenty percent of recent home buyers are veterans and three percent are active-duty service members in Florida.
At 24 percent, the primary reason for purchasing a home was the desire to own a home.

Characteristics of Florida homes purchased

Buyers of new homes made up 23 percent and buyers of previously owned homes made up 77 percent. Only 15 percent of buyers across the U.S. purchased new homes.
In Florida, 33 percent of new home buyers wanted to avoid renovations and problems with plumbing or electricity, and another 33 percent wanted the ability to choose and customize design features. Forty-four percent of previously owned homes were looking for a better overall value.
Detached single-family homes remain the most common home type for recent buyers at 80 percent, followed by eight percent of buyers choosing townhomes or row houses.
Twenty percent of Florida buyers bought senior related homes.
There was a median of 41 miles between the homes that recent buyers purchased and the homes they moved from. Across the U.S., it was 15 miles.
Home prices increased significantly this year to a median of $310,000 among Florida buyers. Buyers typically purchased their homes for 100 percent of the asking price.
The typical recently purchased home was 2,110 square feet, had three bedrooms and two bathrooms, and was built in 2002.
Overall, buyers expect to live in their homes for a median of 15 years, while 42 percent say they plan to live there for 16 or more years.

The home search process

For 43 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 20 percent of buyers first contacted a real estate agent.
Recent buyers found their real estate agent to be the most useful information source, with 75 percent citing them as very useful, followed by mobile or tablet search devices at 54 percent.
Buyers typically searched for eight weeks and looked at a median of eight homes, two of which were viewed solely online.
In Florida, those who searched via desktop/laptop looked at 10 homes over eight weeks; those who searched via mobile devices looked at eight homes over eight weeks.
Among buyers who used the internet during their home search, 80 percent of buyers found photos, and 80 percent also found detailed information about properties for sale very useful.
Sixty-four percent of recent Florida buyers were very satisfied with their recent home buying process, with an additional 30 percent being satisfied.

Home buying and real estate professionals

Eighty-seven per cent of buyers recently purchased their home through a real estate agent or broker, and 10 per cent purchased directly from a builder or builder’s agent.
Having an agent to help them find the right home was what buyers wanted most when choosing an agent at 58 percent.
Forty percent of buyers used an agent referred to them by a friend, neighbor, or relative, and 12 percent used an agent they had worked with to buy or sell a home.
Seventy-three percent of buyers interviewed only one real estate agent during their home search.
Eighty-eight percent of buyers would use their agent again or recommend their agent to others.

Financing the home purchase

Eighty percent of recent buyers in Florida financed their home purchase. Those who financed their home purchase typically financed 85 percent.
First-time buyers who financed their home typically financed 94 percent of their home compared to repeat buyers at 81 percent.
For 55 percent of buyers, the source of the downpayment came from their savings. Forty-two percent of buyers cited using the proceeds from the sale of a primary residence, which was the next most commonly reported way of securing a downpayment.
Ten percent of buyers said saving for a downpayment was the most difficult step.
In Florida, 27 percent had credit card debt, 19 percent cited high rent or current mortgage payments, and 18 percent reported having student loan debt.
Buyers continue to see purchasing a home as a good financial investment. Eighty-nine percent reported they view a home purchase as a good investment.

Home sellers and their selling experience

The typical home seller was 63 years old, with a median household income of $105,000.
For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (16 percent), followed by moving due to retirement (14 percent).
Sellers typically lived in their home for eight years before selling.
Eighty-eight percent of Florida home sellers worked with a real estate agent to sell their home.
For recently sold homes, the final sales price was a median 100 percent of the final listing price.
Recently sold homes were on the market for a median of two weeks.
Twenty-four percent of all sellers offered incentives to attract buyers in Florida.
This year, Florida home sellers cited that they sold their homes for a median of $87,500 more than they purchased it.
Seventy-four percent of sellers were very satisfied with the selling process.

Home Buyers and Sellers in Florida professionals

Sixty-six percent of sellers found their agent through a referral from a friend or neighbor.
or relative or used an agent they had worked with before to buy or sell a home.
Seventy-seven percent of recent sellers contacted only one agent before finding the right agent they worked with to sell their home.
Eighty-nine percent of sellers in Florida listed their homes on the Multiple Listing Service (MLS), which is the number one source for sellers to list their homes.
Eighty-three percent of sellers reported that they provided the agent’s compensation.
The typical Florida seller has recommended their agent twice since selling their home, and forty percent of sellers have recommended their agent three or more times.
Eighty-five percent said they would definitely (73 percent) or probably (12 percent) recommend their agent for future services.

Frequently Asked Questions (FAQs) about Home Buyers and Sellers in Florida

1. Who typically buys homes in Florida?

In Florida, the typical homebuyer is 57 years old with a median income of $95,900. Sixty-five percent are married couples; first-time buyers constitute 21% of the market.

2. What types of homes do buyers prefer in Florida?

Detached single-family homes are the most common choice (80%), followed by townhomes or row houses (8%). Buyers often opt for homes with three bedrooms and two bathrooms, with a median size of 2,110 square feet.

3. How do buyers finance their home purchases in Florida?

Eighty percent of buyers in Florida finance their home purchases, with typical financing covering 85% of the home price. First-time buyers generally finance a higher percentage (94%) than repeat buyers (81%).

4. What influences the home buying process in Florida?

Buyers in Florida heavily utilize online resources (43%) and real estate agents (87%) during their home search. They typically spend eight weeks searching and view a median of eight homes.

5. What are common reasons for selling homes in Florida?

Sellers in Florida are typically 63 years old with a median household income of $105,000. The most common reasons for selling include moving closer to friends and family (16%) and retirement (14%).

6. How satisfied are buyers and sellers with their experiences in Florida?

Sixty-four percent of buyers and seventy-four percent of sellers in Florida reported being very satisfied with their home buying or selling processes.

7. What role do agents play in Florida’s real estate transactions?

Eighty-eight percent of sellers and eighty-seven percent of buyers in Florida work with a real estate agent or broker. Agents are highly recommended, with many buyers and sellers finding them through referrals.

8. What is the typical selling experience like in Florida?

Homes in Florida typically sell for 100% of the final listing price, with a median time on the market of two weeks. Sellers often use incentives (24%) to attract buyers.

9. What do home buyers in Florida face common challenges?

Saving for a downpayment is a significant challenge for ten percent of buyers in Florida, while others cite debt and high rental or mortgage payments as hurdles.