Ninety-five percent of entry-level buyers chose a fixed-rate mortgage, four out of 10 financed with a low-downpayment FHA mortgage, and 8 percent used the VA loan program with no downpayment requirements.
Eight out of 10 recent home buyers said their home is a good investment, and 44 percent believe it’s better than stocks; 91 percent were satisfied with the buying process. “Interestingly, 6 percent of all buyers had previously sold a foreclosure or short sale, showing that sellers of distressed property are beginning to recover financially,” Yun says.
The typical buyer began their home search online and then contacted a real estate agent. Buyers searched a median of 12 weeks and visited 10 homes.
Buyers used a wide variety of resources in searching for a home. Top results showed 92 percent used the Internet, 89 percent used real estate agents, 51 percent yard signs, 45 percent each attended open houses and used a mobile application, and 42 percent used mobile search engines.
When buyers were asked where they first learned about the home they purchased, 43 percent said the Internet; 33 percent from a real estate agent; 9 percent a yard sign or open house; 6 percent from a friend, neighbor or relative; 5 percent from home builders; 2 percent directly from the seller; 1 percent a print or newspaper ad; and less than 1 percent from other sources.
Ninety percent of home buyers who used the Internet to search for a home purchased through a real estate agent, as did 69 percent of non-Internet users, who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.
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