Buyers and sellers continue to trade up, trade down, relocate or purchase a 2nd home. First time buyers in Illinois accounted for 40% of the market!
Highlights of the typical Illinois Home Buyer from 2006 are:
- Median age of home buyers was 37 years old. Amoung first time buyers, the median age was 31.
- Median household income was $73,300 compared to $71,800 in the U.S.
- 57% of home buyers were married couples, 26% single females (yeah girls!), 8% singles males, and 9% were unmarried couples.
- First-time homebuyers accounted for 44% of homes purchased in 2006.
- 62% of first-time buyers were between 25 and 34 years old.
- Median income of first-time buyers was $59,500 compared to $58,300 amoung all first-time buyers nationally.
- 62% of homes purchased were detached single family.
- Typical buyer purchased a home 12 miles from their previous residence.
- Median price of the home purchased was $225,000 compared to $214,000 in the U.S.
- Typical buyer purchased a home that was 1,849 square feet in size.
- Recent buyers plan to live in their home a median of 6 years.
Ahhh .... the search process!
- Buyers searched for a home for a median 8 weeks and saw a median 11 homes.
- 87% of buyers used a real estate professional during the home search. (Hey, just contact me!)
- 59% of buyers used the internet frequently to search for homes.
- The typical internet searcher was 36 years old and visited a median 12 homes. The typical home buyer that did not use the internet to search for homes was 46 years old and saw a median of 7 homes.
- 40% of home buyers first learned about the home they purchased from a real estate professional; 22% first learned about the home they purchased through the internet.
- 70% viewed the internet as a very useful tool in their home search.
- 76% of buyers rated real estate agents as a very useful information source. (One point for me!)
- 76% of home buyers purchased their home thru a real estate agent. (Another point for me!)
- Buyers searched for a median of 2 weeks on their own before contacting an agent. (Just contact me!)
- 48% of first-time buyers were referred to their agent by a friend, neighbor or relative.
If you are looking for a home, selling a home or need relocation assistance, please feel free to contact Lyn Sims at RE/MAX Suburban at 847-230-7324 or 800-637-9345.
Hey Lyn, I would like to start my home search now!
Schaumburg Area Real Estate - I have homes in Bartlett, Elgin, Carol Stream, Bloomingdale, Roselle, Hoffman Estates, Elk Grove, South Elgin, Palatine, Inverness.
