Home prices in Idaho are going up, while mortgage rates remain steady at historic lows – but who is buying real estate? More than ever before, two-income married couples are behind the drive in the home buying market. With Boise being the focus of a number of great Top Ten placements in news articles across the country this year, it’s no wonder so many people are interested in relocating to the Gem State.
Here are a few more interesting facts about the real estate market in 2012:
39 percent of recent home buyers were first-time buyers, a slight rise from 2011, but closer to the historical norm of 40 percent.
65 percent of recent home buyers were married couples—the highest share since 2001. Conversely there was the lowest share of single buyers since 2001.
For 52 percent of home buyers, the first step in the home-buying process was taken online.
The typical home buyer searched for 12 weeks and viewed 10 homes—a decline from 12 homes in prior year, which speaks to the tightened inventory in many areas.
89 percent of buyers purchased their home through a real estate agent or broker, similar to last year’s report—a share that steadily increased from 69 percent in 2001.
88 percent of sellers were assisted by a real estate agent when selling their home.
Only 9 percent of recent sellers sold via FSBO sale. Among FSBO sellers who did not know the buyer prior to the sale—20 percent sold via FSBO because the buyer directly contacted them.
Approximately two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.
Are you looking to buy or sell a home in Idaho? RE/MAX Elite Properties can help you find the perfect place for you! Whether you want a cozy Northend home in Boise or are looking for a sprawling ranch in Canyon County, our team of experienced Idaho REALTORS® are at your beck and call to make it happen!