What About Today’s Home Buyers?
What About Today’s Home Buyers?
According to the 2103 Profile of Home Buyers and Sellers publisher by the National Association for Realtors:
- Some of the characteristics of Home Buyers
- 38% of recent home buyers were first-time buyers
- 14% purchased a multi-generational home due to kids over the age of 18 moving back into the house, cost savings, and health caretaking of aging parents
- The typical buyer was 42 years old, first-time buyer was 31 and the typical repeat buyer was 52
- Some Home Search Characteristics
- For 42% of home buyers the first step in the home buying process was looking online
- 14% of home buyers first looked online for information about the home buying process
- The use of the internet in the home search process rose slightly to 92%
- The typical buyer searched for 12 weeks and viewed 10 homes
- For more than half of the buyers finding the right home was the most difficult step with the home buying process
The take away for both buyers and real estate professionals from the most recent NAR report- online information is key to the business. Out of date listing information and pictures don’t capture buyer’s attention in today’s marketplace. Sellers shouldn’t discount any potential buyer due to age. The average ages of first time and move up buyers is not locked in stone and every appointment to show your property should be handled with care. The current weather is creating havoc for a variety of reasons- remind your agent (assuming they haven’t already done it) to update the exterior shots of your home or condo. Trees in full bloom and green lush grass can send a negative message to potential buyers- too long on the market!
My friends at Keeping Current Matters published a neat infographic about this and other sections of NAR Report.
