Each year the National Association of Realtors speaks with recent home buyers and sellers to provide insight and detailed information about their experiences and publishes a survey. The most recent one came out yesterday.
The primary reason (30% of respondents) for buying a home was the desire to own a home of their own. And to purchase a home, 87% said they went through a real estate agent or broker. The percentage of recent homes For Sale By Owner went down to 8% (down from 9% last year). This is the lowest share recorded since this report started in 1981.
The people who are buying homes are changing as well: "Demographics continue to shift as the share of first-time home buyers dropped further from last year’s report to 32% of the market. This is second only to the lowest share reported in 1987 of 30%. Last year’s report had a share of first-time buyers of 33%. First-time home buyers are traditionally more likely to be single male or female homebuyers and traditionally have lower incomes. As the share of repeat buyers continues to rise, the number of married couples increases and the income of home buyers purchasing homes is higher. Married couples have double the buying power of single home buyers in the market and may be better able to meet the price increases of the housing market."