Princeton Real Estate blog primarily focuses on the local real estate markets in and around Princeton NJ because real estate is super local and there isn’t much published to help Princeton NJ real estate buyers. What is reported on a national and state levels usually has little relevance to what’s going on in Princeton real estate, but may provide an interesting inside for Princeton real estate buyers and sellers.
I follow these reports to understand if and how they could effect out local Princeton real estate markets and ways in which our market is different. National Association of Realtors has released it’s annual profile of home buyers and sellers which has some interesting information.
They site Interesting statistics regarding the timing of the purchase.
- 46% reported it was the right time for them to buy
- 18% reported they had to purchase when they did
- 22% reported buying because of affordability and availability of homes for sale
- Only 4% stated they wished they had waited to buy.
These numbers most likely confirm the psychology of the buyers – those who bought would be unlikely to say it was the wrong decision. More interestingly would have been to know, what percentage of the home buyers who were in the market ended up buying. But these statistics are not in the report.
Another interesting point demonstrates the changing mind set of the buyers. 50% of the buyers used social networking sites such as MYSpace, Facebook and others in their search. Among the younger buyers age 18 to 14, 38% used these sites daily, or nearly daily.
Here are a few other highlights from the report:
- The median 2007 household income of home buyers in New Jersey was $90,000, compared to $74,900 nationally.
- First -time home buyers accounted for 49% of recent home purchases.
- 65% of the first time home buyers were between 25 and 34 years old.
- The median price o homes purchased was $306,000 compared to $204, nationally.
- Typical buyer purchase a home that was 1,740 square feet in size.
These numbers are probably different for Princeton area real estate because our median prices are much higher which lowers affordability for many first time home buyers. I don’t have the exact numbers, but I see certain similarities – many young buyers with a different approach to finding their home.