158: Understanding Today's Buyers: Let’s Talk About Characteristics of Home Buyers

Feb 20

Buyers….

Before we get started- What is the NATIONAL ASSOCIATION OF REALTORS?

The NATIONAL ASSOCIATION OF REALTORS (NAR) is a leading trade association in the United States representing real estate professionals, including real estate agents, brokers, appraisers, and property managers. Founded in 1908, NAR is dedicated to promoting and protecting the interests of its members while advocating for homeownership and property rights. NAR provides education, resources, and support to its members, conducts research on real estate trends, and lobbies on behalf of the real estate industry at the national level.

this survey Examines:

Some characteristics to think about:
-First-time buyers made up 32%, up from last year's 26%. This increase is still below the 38% average seen since 1981.
-70% of recent buyers did not have a child under the age of 18 in their home. This is the highest share recorded. In 1985, 42% of households did not have a child under the age of 18.
-16% of recent home buyers were veterans and 2% were active-duty service members.
-13% of buyers purchased a new home, and 87% of buyers purchased a previously-owned home.
-For buyers, 60% cited quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were cited at 45% and 39%.
-Buyers typically purchased their homes for 100% of the asking price, with 25% purchasing for more than asking price.
-Overall, buyers expected to live in their homes for a median of 15 years, while 22% said that they were never moving.

-For 41% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 20% of buyers first contacted a real estate agent.
90% of recent buyers found their real estate agent to be a very or somewhat useful information source

Tune IN to our conversation to hear more!

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