Date Archives: November 2019

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buying a home | 94 Posts
mortgage | 3 Posts
real estate news | 44 Posts
selling a home | 28 Posts
Uncategorized | 8 Posts
November
8

Home buyers are ready to plant roots: Today's buyers are young, multicultural, tech-savvy, and eager to buy a home as a personal investment, according to the National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers. Young adults ages 25 to 34 make up a quarter of all home buyers, the largest share. Meanwhile, first-time buyers are getting older: The median age of this cohort rose to 33—the highest on record in the NAR survey.

Snapshot of Home Buyers

  • Average age: 47
  • Median household income: $93,200
  • Living situation: 61% married; 17% single females; 9% single males; 9% unmarried couples
  • Demographics: 84% white; 7% Hispanic; 5% Asian; 4% African American; 3% other
  • Average length of house hunt: 10 weeks (touring a median of 9 homes)
  • Primary reason for purchase: Desire to own a home
  • Most common house type purchased: Detached single-family home, 1,850 square feet, three bedrooms, two baths
  • Median cost of home purchased: $257,000
  • Most common method for finding real estate agent: Referral from friend, neighbor, or relative
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  • Published in National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers
November
8

Sellers are already rooted, having lived in their current home an average of 10 years, NAR's report shows. Sellers are equity-rich and rely on real estate professionals for guidance now more than ever before, according to the National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers. Equity gains prove a boon to sellers. Higher home prices have translated into faster appreciation for homeowners.

Snapshot of Todays Sellers

  • Average age: 57
  • Median household income: $102,900
  • Living situation: 72% married; 16% single females
  • Tenure in the home: 10 years (up from 6 years from 2001 to 2008)
  • Median length of time on the market: three weeks
  • Price sold: Median of 99% of the list price
  • Median equity: $60,000 higher than what owner originally paid at purchase
  • Incentives for buyers: 34% offered incentives, such as home warranty policies or assistance with closing costs
  • Most common method for finding a real estate agent: Referrals from friend, neighbor, or relative, as well as repeat business
  • Sellers' high-priority tasks for agents: Market the home (21%); sell the home within a specific time frame (20%); price the home competitively (19%); help fix the home to prepare it for sale (16%); and find a buyer (13%).

 

  • Published in National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers