Tuesday, November 22, 2011

What Kind of Home Did a Typical Buyer Buy in 2009 and 2010?

Each year the National Association of Realtors (NAR) surveys thousands of buyers and sellers to determine trends for a particular year. From July 2009 to July 2010, NAR found the following:

  • New home purchases were at the lowest level in nine years. New home purchases represented only 15% of home purchases. Obviously, 2010 was a tough year for builders.

  • The typical home was under 2000 square feet, measuring about 1,780 square feet.

  • Single family homes without any adjoining walls to other homes were the most popular at 77% of home purchases. Condo developers also suffered in 2010.

  • Buyers over 50 purchased senior-related housing, including active adult communities, in 11% of cases.

  • Commuting to work is a prime concern for most buyers. The costs of getting to work or school were considered very or somewhat important by 76% of buyers.

Looking at the year in Grove Team sales, Texas buyers were very similar to those found nationally. New home sales slowed and condo owners had a very difficult time selling their homes in 2010.

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