For most home buyers, the purchase of real estate is one of the largest financial transactions they will make.

Buyers purchase a home not only for the desire to own a home of their own but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the National Association of Realtors of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.

Read the entire report by the Birmingham Association of Realtors by clicking here.

• At 30 percent, the primary reason for purchasing a home was the desire to own a home of their own.

• 87 percent of buyers recently purchased their home through a real estate agent or broker.

• 88 percent of buyers would use their agent again or recommend their agent to others.

• Only 8 percent (down from 9 percent) of recent home sales were FSBO sales. This is the lowest share recorded since this report started in 1981.

The survey from NAR was conducted among home buyers who purchased a home between July 2014 and June 2015. Seller information was gathered from those home buyers who sold a home. NAR mailed 94,971 surveys out and received as response rate of 6.7 percent.

Married With Kids

The “Married with Kids” group of survey respondents made up 34 percent of the entire survey group.

The median age of this group of respondents was 36 years old with a median income nationally of $100,000. Of this group, 27 percent were first-time buyers. Eighty-five percent of this group utilized a Realtor.

Forty-three percent found the distance to schools important, and 68 percent were repeat buyers.

Single Females

The “Single Females” group of survey respondents made up 15 percent of the entire survey group.

Ninety percent of this group utilized a Realtor.

Thirty-seven percent said they had a desire to own their own home, and 43 percent said conveniences to fail and friends was influencing factor.

Single Males

The “Single Males” group of survey respondents made up 9 percent of the entire survey group.

Ninety percent of this group utilized a Realtor.

Forty-seven percent said they had a desire to own their own home, and 20 percent said they had lived with parents, relatives or friends prior to purchasing. It’s worth noting that the share of single males has dropped from 12 percent in 2010 to 9 percent in 2015.

First-Time Buyers

The “First-Time Buyers” group of survey respondents made up 32 percent of the entire survey group.

Fifty-six percent of first-time buyers were married couples, and 18 percent were single females.

Thirty-three percent of first-time buyers first looked online for properties for sale.

Repeat Buyers

The “Repeat Buyers” group of survey respondents made up 68 percent of the entire survey group.

Eighty-four percent of this group purchased a single-family home, while only 10 percent combined purchased a townhouse or condo. The median square footage of this group was 2,000 with median price of $246,400.

Fifteen percent contacted a Realtor first during the home buying process. Thirty-nine percent made no compromises on the characteristics of their home. In reasons for buying, the majority of these respondents said they purchased to have a larger home.

Buyers of Senior Housing

The “Senior Housing” group of survey respondents made up only 8 percent of the entire survey group.

Seventy-nine percent of this group purchased a single-family home, while 16 percent combined purchased a townhouse or condo. The median square footage of this group was 1,850 with median price of $220,000.

In the composition of those surveyed in the Senior Housing group, 59 percent were married, 24 percent were single female, 11 percent were single male, and 3 percent were unmarried couple.

You can find this entire survey online at the National Association of Realtors website by clicking here. 

Andrew Sims is the communications director for the Birmingham Association of Realtors. The data for the story was provided by the National Association of Realtors 2015 Survey of Home Buyers and Sellers.