Who is buying houses?

Looking at statistics from 2017, we have learned that first time home buyers were made up of 57% of buyers were married couples, 18% were single females, 7% were single males and 16% were unmarried couples and repeat buyers were similar although married couples increased to 69%. We also found that the typical buyer is 45 years of age and the median household income for 2016 was $88,800 with median purchase price being $235,000.  Buyers also looked at fewer houses in 2017 than compared to 1987 when making a decision to purchase and I believe that is because the internet allows buyers to shop online and preview houses and only physically touring those of serious interest.  It’s interesting, too, that 68% of buyers used their mobile device to search for homes.  While 8% of purchases were directly with a builder, 87% percent of buyers used a Real Estate Agent. Buyers rely on their real estate agent mainly to help them find the right home to purchase but also to help negotiate the terms and price as well as help with the paperwork.  The median down payment was 10% for homes purchased with a mortgage, which is about 5% for first time buyers and 14% for repeat buyers, showing us that home ownership builds wealth and equity. Still, the main reason for delayed savings is student loan debt followed by credit card debt.  Are you still renting and hoping to purchase a home some day? Perhaps a one hour (free) buyer consultation with our Team can help prepare you to reach that goal sooner than later.  Our Team of Real Estate Agents can educate you on the process of home buying tasks, answer some debt to income questions and provide resources that will help take out any anxiety you might feel during this big decision and investment purchase.