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Buying And Selling Real Estate In 2013

Infographic Buying or Selling Real Estate in 2013

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Amongst other things, this infographic reveals that homeownership is considered a large source of wealth. Such an importance given to owning has become widespread also among Hispanics, who accounted for 51% of the total net increase of 693,000 owner households in the U.S!

Buying And Selling Real Estate In 2013

Three out of four homeowners say their home is their biggest source of wealth - this is one of the most revealing statistics in this infographic, because from this alone we may begin to gain a better understanding of what we mean when we talk about home buying and home ownership. 

According to the most recent Census, homeownership is currently established at 65,4% - from these, 65% of all buyers are married couples, 16% are single women, 9% are single men, 8% are unmarried couples and 2% other. Home ownership is definitely a trend that’s probably based on the fact that buying a home is, indeed, 45% cheaper than renting! Nonetheless, as of February 2013, less than 2 million homes were for sale nationwide, a supply of less than five months, with a six months’ supply being considered “normal”.

Last May, sales volume reached 5,180,000 units. In December 1974, the median home sale price was $37,400, while in May 2013, the average home sale price was $208,000! As a matter of fact, May 2013 is the 14th consecutive month of increased average home sale prices! Two months earlier, of homes sold in February 2013, 15% of sales were foreclosures, and 10% were short sales.

When buying a home, 88% of buyers use an agent, perhaps because the typical “For Sale By Owner” home was sold last year for $174,900, compared to $215,000 for agent-assisted home sales. While researching and during the decision-making process, TV, billboards, and print channels play a minimal role.

To finance the dream of owning a home, 93% of entry-level buyers chose a fixed-rate mortgage. Of first-time buyers, 76% tapped into savings, 24% received a gift from a friend or relative, and 6% received a loan from a relative or friend. When compared with repeat buyers, first-time buyers are younger (31 is their median age, against 51 of a typical repeat buyer) and earn less: their median income is $61,800, against $93,100 earned by repeat buyers. And while the typical first-time buyer purchased a 1,600 square-foot home costing $154,100, the typical repeat buyers purchased a median 2,100-square foot home costing $220,000.

In a seemingly ever-growing market, Hispanics are expected to account for 40% of the estimated 12 million to 14 million net new households within the next decade! Over the last twelve years, home ownership among Hispanics has grown 58%, whereas the rest of the U.S. population saw just a 5% increase. To put it another way Hispanics accounted for 51% of the total net increase of 693,000 owner households in the U.S!

Homes in the United States are also sought by international buyers, whose mainly prefer to pay in cash. Last year, about 63% of international transactions were all cash - an impressive figure when compared with domestic cash transactions, generally 30% of transactions. An interesting fact, though it is not known whether the transaction was paid in cash, the best real estate deal in history took place when Louisiana was bought from French emperor Napoleon, in 1803… for only $0.03 an acre!

Buying And Selling Real Estate In 2013 from YouRealty

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