Top 10 characteristics Characteristics of Todays Homebuyers
Today I will bring you up to speed on real estate trends
The 2020 consumer profile of home buyers and sellers is an annual survey produced by NAR = a trade association called the National Assn of Realtors (NAR).
- They’re first-time buyers = 31%
- The buyer is 47 years old
- They Earning a little under $100k (median income $96k).
- 62% are Married Couples
- 18% are Single Females
- 9% are Single Males
- 18% are Veterans
- 12% live in multigenerational home care for aging parents or kids over 18 who moved back home.
- The most commonly will buy a detached single-family home (81%).
- They typically paid 99% of the Asking price.
How did they find their home?
1) They look online
The share of home buyers who used the internet to search for a home increased to an all-time high of 97 percent.
2) The serious ones use an agent
88% percent of buyers recently purchased their home through a real estate agent or broker.
Why do they buy?
64% percent of first-time buyers purchased to fulfill the American Dream of owning a home. 10% are moving up - to a larger home or they want to move to be closer to family, friends 9% or they’ve had a change in family situation i.e marriage, birth, divorce.
Where do homebuyers desire to live?
Location, Location, Location
What are the Factors that influenced specific neighborhood choices?
The three most important factors that influenced their choices were
- 62 percent- Quality of the neighborhood
- 45 percent - Convenience to job
- 43 percent Overall home affordability
What else do buyers care most about?
35 percent said commuting costs were not important to them when they recently purchased their home.
83 percent of buyers found heating and cooling costs to be somewhat important.
Let’s get to sold!