QUICK TAKES AT A GLANCE: ILLINOIS BUYERS & SELLERS
First-time buyers made up 31 percent of all homebuyers in 2017, a drop from 35 percent the year before. The typical Illinois buyer was older — 44 years old in 2017 compared to 40 years old in 2016 — while the median income of buyers declined from $103,800 to $93,000 in 2017. On the other side of the transaction, sellers typically lived in their home for 12 years before selling, an increase from 10 years the year before. Get a better understanding of your potential clients with the 2017 Profile of Home Buyers and Sellers Illinois Report at www.IllinoisRealtors.org/Marketstats/Members-Only/
ILLINOIS BUYERS VS SELLERS
• 88 percent purchase through a real estate agent
• 89 percent worked with a real estate agent to sell their home
• Buyers typically searched for 10 weeks and looked at 10 homes
• Recently sold homes were on the market for a median of two weeks
• 10 percent of buyers said saving for a down payment was the most difficult step
• 34 percent of sellers offered incentives to attract buyers
MORE FACTS ABOUT ILLINOIS BUYERS:
MORE FACTS ABOUT ILLINOIS SELLERS:
• 63 percent of buyers were married couples, 20 percent were single women, 9 percent were single men and 6 percent were unmarried couples
• Home sellers sold their homes for a median gain of $14,500 more than they purchased it.
• 16 percent were veterans and 3 percent were active-duty service members
• 64 percent of sellers found their agent through a referral from a friend, neighbor or relative or used an agent they had worked with before
(SOURCE: 2017 Profile of Home Byers and Sellers Illinois Report)
HARVARD STUDY FINDS RENTAL HOUSING MARKET GROWTH MAY BE COOLING After a decade of growth, the rental sector may be moderating with fewer renter households forming and rent increases slowing, according to the latest “America’s Rental Housing 2017” report from the Joint Center for Housing Studies of Harvard University.
Takeaways from the report: • More renters are older and have higher incomes than before. Between 2006 and 2016, the median age of renters climbed from 38-40. • During the same time, the number of renter households earning more than $100,000 rose from 3.3 million to 6.1 million.
• For families with children, there are more households renting (33 percent) than who own a home (30 percent). • When it comes to new rental units, the supply of higher-cost rentals has outpaced that of lower- and moderate-cost units.
Read the full report at http://bit.ly/Harvard_RentersReport
8 www.IllinoisRealtors.org
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Share of consumers who say that owning a driverless car would encourage them to move farther away from work. Of those surveyed, Millennials and Gen X consumers were more likely to consider buying a driverless car. SOURCE: National Association of Home Builders Poll