Ever wonder who was buying homes, what kind of home they were looking for, and how they went about the process? The 2010 Illinois Profile of Home Buyers and Sellers has the answers. The National Association of REALTORS® survey of consumers who bought homes in Illinois between July 2009 and June 2010 paints a clearer picture.
Who are they?
Fifty-three percent were first-time buyers, higher than the 50 percent nationwide. The median age of first-time buyers in Illinois was 30 years old, while the median age for repeat buyers was 42 years old. Single females accounted for 22 percent of recent Illinois buyers; 11 percent were single males.
What did they buy?
Sixty-eight percent bought a detached single-family home and the median home price was $190,000, higher than the $179,000 median nationwide. Only 9 percent of homes purchased in Illinois were new.
How did they find their home?
Ninety-three percent of buyers used the Internet in their search for a home. The typical Illinois buyer searched 12 weeks and viewed 15 homes, compared to the 12 homes viewed by the typical buyer nationwide. REALTORS® continue to play an important role in the process, with 85 percent of Illinois buyers purchasing their home through a real estate agent or broker.
How did they buy?
Ninety-five percent financed their home purchase and the typical buyer financed 88 percent of the purchase .
Now you know more about Illinois homebuyers, so how about sellers? For starters, 82 percent of Illinois sellers were assisted by a real estate agent when selling. Find more details in the 2010 Illinois Profile of Home Buyers and Sellers.