Just a few quick bullet points from the Report:
- Characteristics of Home Buyers: Fourty Four percent of recent home buyers were first-time buyers, compared to fourty seven percent nationwide. The typical first time home buyer was 29 years old, while the typical repeat buyer was 48 years old, nationwide first time buyers were typically 30and repeat buyers were typially 48 years old.
- Characteristics of Homes Purchased: New home purchases were at the lowest level in eight years nationwide - down to 18% of all recent home purchases. This is reflective in Indianapolis, IN - 22% of homes were new. (Up 4% for new construction from Indianapolis, IN 2008)
- Financing a Home Purchase: 34% of first time buyers reported their mortgage application and approval was somewhat more difficult than they expected, and 8% reported that it was much more difficult than they expected. (It's not always easy! That's why we suggest lenders to work with that we have pre-qualified so that your transaction is smooth.)
- For Sale By Owner: 8% of home sellers, sold without the assistance of a Real Estate Professional, 3% of which knew their buyer (friend or family). Of the 5% that sold to a stranger, or someone they didn't know prior to selling, only 2.5% did anything to actively market their home.
