From the Record:
Who is buying?
Forty-four percent were first-time buyers in New Jersey compared to the national figure of 33 percent. Age of the first-time buyer is 33 and the typical repeat buyer is 48. Sixty-four percent of buyers were married couples.
What did they buy?
The typical home in New Jersey was built in 1974 and has three bedrooms and two bathrooms. Seventy-three percent of homebuyers purchased a single-family home. Forty-five percent of buyers over 50 years old bought in an adult community.
How did they pay for it?
Eighty-five percent of buyers in New Jersey financed an average of 82 percent of their purchase price. Ninety-six percent of first-time buyers financed their home and only 76 percent of repeat buyers used financing.
Who sold their home?
The typical seller lived in their home for 10 years and sold for 97 percent of their listing price. Fifty-one percent of sellers reduced their asking price at least once. Fourteen percent of sellers had to delay or stall the selling process as the value of their home was less than their mortgage.