Last year, first-time homebuyers, with a median age of 33, accounted for 35 percent of existing homes purchased statewide, according to the National Association of Realtors’ (NAR) 2006 Profile of Home Buyers and Sellers, Texas Report.
The median income for first-timers was $62,700, about 7 percent higher than the national average. All first-time homebuyers financed their purchases compared to 98 percent of repeat buyers. Almost half of all buyers believe their home purchases are better investments than stocks.
Most homebuyers were married couples (68 percent), with single females purchasing a whopping 20 percent compared to single males (5 percent). Detached single-family homes accounted for 86 percent of homes sold. The typical buyer planned to live in the home an average of eight years. Most buyers bought their homes about 18 miles from their previous residences.
About 87 percent of buyers searched for their homes with the help of real estate professionals, with 79 percent purchasing through real estate agents. Of those purchasing through an agent, 79 percent reported they were “very satisfied” with the honesty and integrity of their agents.
The seller’s median age was 46 years with an average household income of $89,500. Married home sellers accounted for 73 percent of sales, and 49 percent had no children younger than 18 living at home. Eighty-six percent used agents or brokers to sell their homes, with 67 percent very satisfied with the selling process. Average days on market was six weeks, with more than half of sellers receiving their asking prices.