Comey & Shepherd:

Comey & Shepherd

Cincinnati buyer/seller profile

Published: 09-08-2010

2009 Profile of Home Buyers and Sellers
Cincinnati, OH Report
Highlights
The real estate market offers a variety of choices, opportunities and challenges for home buyers, sellers, and real estate professionals helping them with their transactions. For home buyers, there are numerous ways to search for and find a home, a variety of mortgage products to finance their home and a growing list of services that their agent can provide to assist them in the process.
Home sellers can choose to sell their home themselves or enlist the professional assistance of an agent who can provide various levels of service to best suit each home sellers needs. Because the real estate market is always evolving, it is important for real estate professionals to have a clear picture of todays home buyers and sellers. The 2009 Profile of Home Buyers and Sellers describes the characteristics and motivations of recent home buyers and sellers in Cincinnati, OH and in so doing helps real estate professionals track the changing demands of consumers in a dynamic market.
Characteristics of Home Buyers
Forty percent of recent home buyers were first-time buyers, compared to 47 percent nationwide. The typical first-time home buyer was 27 years old, while the typical repeat buyer was 49 years old, nationwide first-time buyers were typically 30 and repeat buyers were typically 48 years old. The 2008 median household income of buyers was $68,500; this is slightly lower than the median income of buyers nationwide which was $73,100. The median income was $55,000 among first-time buyers and $79,700 among repeat buyers. Twenty percent of recent home buyers were single females, and 10 percent were single males. Nationwide, twenty-one percent of recent home buyers were single females, and 10 percent were single males. For 32 percent of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.
Characteristics of Homes Purchased
New home purchases were at the lowest level in eight years nationwidedown to 18 percent of all recent home purchases. This is reflective in Cincinnati, OH15 percent of homes were new. The typical home purchased was 1,900 square feet in size and was built in 1987. Ninety-one percent of home buyers purchased a detached single-family home. The median price of home purchased was $160,000 compared to $185,000 nationwide. When considering the purchase of a home, commuting costs were considered very or somewhat important by 75 percent of buyers.
The Home Search Process
For more than one-third of home buyers, the first step in the home-buying process was looking online for properties. Ninety-one percent of home buyers used the Internet to search for homes.
2009 Profile of Home Buyers and Sellers
NATIONAL ASSOCIATION OF REALTORS
5
Real estate agents were viewed as a very useful information source by 80 percent of buyers who used an agent while searching for a home. The typical home buyer searched for 12 weeks and viewed 10 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.
Home Buying and Real Estate Professionals
Seventy-six percent of buyers purchased their home through a real estate agent or broker. Eleven percent of buyers purchased a home in foreclosure. Nationally, 10 percent of buyers also purchased a home in foreclosure. Forty-nine percent of buyers found their agent through a referral from a friend or family member. Sixty-seven percent of buyers would definitely use their real estate again or recommend the same agent to others.
Financing the Home Purchase
Ninety percent of home buyers financed their recent home purchase. This is slightly lower than buyers nationwide92 percent financed their recent home purchase. The typical buyer who financed their home financed 91 percent of their purchase. 27 percent of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing. Nearly a quarter (23 percent) of first-time buyers reported their mortgage application and approval process was somewhat more difficult than they expected, and 13 percent reported it was much more difficult than expected.
Home Sellers and Their Selling Experience
Ninety-four percent of sellers were assisted by a real estate agent when selling their home. Nationwide, 85 percent of sellers used a real estate agent when selling their home. Recent sellers typically sold their homes for 94 percent of the listing price, and 68 percent reported they reduced the asking price at least once. Among all sellers nationally, sellers typically sold their homes for 95 percent of the listing price, and 60 percent reported they reduced the asking price at least once. Fifty-one percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.
Home Selling and Real Estate Professionals
Fifty-two percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 18 percent used the agent they worked with previously to buy or sell a home. Ninety-three percent of sellers reported that their home was listed or advertised on the Internet. Among recent sellers who used an agent, 86 percent reported they would definitely (55 percent) or probably (31 percent) use that real estate agent again or recommend to others.

Greater Cincinnati Property Search
Search Type

Price
	to
Detailed Search