Survey offers view of Mass. homebuyers

PBN Staff

01/21/2011

WALTHAM, Mass. – A picture of homebuyers in the Bay State emerged last week after the Massachusetts Association of Realtors released its annual report on buyers and the homes they purchase.
The survey of 309 people who purchased homes in the 12 months leading up to June 30, 2010 found most bought a home simply because they wanted to.
The report, complied by the National Association of Realtors, said the 36 percent of buyers reported making the purchase out of a desire to own a home. It was the most common reason provided for a purchase.
“As a Realtor who has been in the business for many years, the finding that ‘The desire to own a home’ is the number one reason why someone becomes a homeowner doesn’t really surprise me,” said Laurie Cadigan, president of the Massachusetts association. “While the other benefits of owning a home for both the homeowner and the community at large are important, at its core, home ownership is a personal choice.”
The survey also found that 55 percent of buyers were purchasing their first home, up from 50 percent in the previous survey.
Those purchasing their first homes averaged 32 years old while buyers previously owning homes were older, averaging 46. Nationally, first-time buyers were typically 30 and repeat buyers were typically 49.
In Massachusetts, single women comprised a greater percentage of homebuyers than nationally. The association said single women represented 20 percent of buyers in the Bay State compared with 17 percent nationwide. For single men the situation was reversed. They comprised 7 percent in the Bay State and 9 percent across the country.
Just 8 percent of homes purchased in Massachusetts were new. Sixty-four percent of homes purchased were single-family, detached homes. The typical home was 1,500 square feet, built in 1963, and had three bedrooms and one full bathroom.
The median price was $262,500 compared to $179,000 nationwide.

The survey is available at www.marealtor.com/.

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