Single Females Remain a Force in Market, First-Time Buyers Struggle
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
- First-time buyers made up 33 percent of all home buyers, a decrease from last year’s 34 percent.
- Sixty-three percent of recent buyers were married couples, 18 percent were single females, nine percent were single males, and eight percent were unmarried couples.
- Twelve percent of home buyers purchased a multigenerational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker.
- Ninety percent of buyers would use their agent again or recommend their agent toothers.
Single female buyers continue to be a powerful force in the market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home.
This is according to the NationalAssociation of Realtors®’ 2018 Profile of Home Buyers and Sellers1, which also identifies numerous current consumer and housing trends, including mounting student debt balances; the impact of pets on home buying decisions; increases in down payments for all buyers; the rising age of repeat buyers; and the fact that a vast number of respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low.
“With the lower end of the housing market – smaller, moderately priced homes – seeing the worst of the inventory shortage, first-time home buyers who want to enter the market are having difficulty finding a home they can afford,” said NARChief Economist Lawrence Yun. “Homes were selling in a median of three weeks and multiple offers were a common occurrence, further pushing up home prices.These factors contributed to the low number of first-time buyers and the struggles of would-be buyers dreaming of joining the ranks of homeownership.”
*Article From Idaho Realtors.
