2011 Marketing Report – The Typical South Jersey Home Buyer
The results are in for South Jersey Real Estate and the typical home buyer for 2011.
Purchase Prices in South Jersey Real Estate
According the the survey results collected, the 2010 median household income of buyers was $110,000 in New Jersey compared to $80,900 nationally. When considering first time home buyers, the median income is $88,700 versus $127,000 for repeat buyers. Nationally, first time home buyers average income is $62,400.
In New Jersey, there are more high income earners and many features about South Jersey that make it a desirable community to live and work in. Ultimately, New Jersey residents have more purchasing power than the average nationwide consumer.
Who is Buying?
Of course, everyone would venture to guess that most home buyers are married couples. Nationally, 64% of homes sales are to married couples versus 63% locally in South Jersey. Another surprising statistic is that 18% of recent home buyers were single females. This number has been on the decline from the last 5-10 years. In New Jersey, 20 percent of single females account for home purchases in 2011.
Many buyers are also staying in homes longer. South Jersey home buyers are staying in their homes for an average of 9 years, which is up from 5 years ago. Of this total number, 30% plan to stay to exceed 16 years. Today’s South Jersey buyers are looking for features in homes for long term investments. They are considering what is going to be important to them in the next 10+ years before making this purchase.
What is the typical search process for New Jersey buyers?
Nationally, the average home buyer spends 12 weeks looking for a home and will view 12 homes. Locally, in South Jersey, the numbers are higher. The typical home buyer will search 17 weeks and view 10 homes. This statistic lets us know that South Jersey home buyers are taking their time when considering making a purchase. Of course, for a repeat buyer, or investor, the time frame is much smaller, as they are experienced and know exactly what they want.
It won’t be a surprise to know that 40% of home buyers found the home they purchased online, versus 31% who found a home through a licensed real estate professional. However, only 4% of purchases were For Sale By Owners properties, and in most cases both parties knew each others, so the sale was not due to advertising or marketing.
Overall, there are a ton of mortgage programs offered coupled with lowered interest rates. When considering South Jersey Real Estate it is a great time to buy or refinance.
The following information was collected from the 2011 Profile of New Jersey Home Buyers and Sellers. To access the data in its entirety, visit www.njar.com