Posted On: December 13, 2019
Here at SETCO, we do our best to keep you in the loop on all the news, trends, and outlooks for home real estate, whether you’re buying or selling. It also doesn’t matter if you’re a first-time buyer, a homeowner, or someone who buys and sells homes for a living, we are here for you.
We are diving into a topic at large with historic lows from first-time buyers. Yearly, the National Association of Realtors® (NAR) releases its 2019 Profile of Home Buyers and Sellers. This goes into detail about the demographics, experiences, and preferences of the buyers and sellers across the United States.
Changes in Homebuyer Behavior
The report showed that the purchase of new homes was at an all-time low of 13%. Another thing to look at is nearly 25% of first-time buyers moved from a family or friend’s residence. This was double the historical rate of 12%. But when we look into one stat, we notice larger numbers coming into play. With the median age of repeat buyers and the median age of first-time buyers, both increased. With repeat buyers being 55 and first-time buyers being 33.
The NAR Chief Economist Lawrence Yun had this to say about the matter;
“Buyers and sellers, individuals, and families – they all had to adjust to changing market conditions.” He said this in terms of increasing home prices.
- 35% of all buyers had children under 18 living at the house (an increase of 1%)
- 12% of buyers purchased a multi-generational home (a home that consists of adult children and(or) grandparents)
- 4% of buyers getting their first homes as roommates (an increase of 2%)
- 52% of houses were found online (an increase of 2%)
- 66% of sellers were “very satisfied”
- 48% of all sellers bought a newer home; 28% purchased a home with the same age; 24% purchased older
- 44% sold their house to upgrade to something more expensive
To close out, we want to remind you that SETCO is here for all your closing needs. We work personally with every case and make sure each case is treated with an equal amount of importance.
It doesn’t matter if you’re a buyer, seller, agent, or lender, we can help you! Click below to contact your local SETCO representative today!