According to the NAR, the average American home buyer is 39 years old with a median income of $74,900. Thirty-three percent of buyers are aged 25 – 34. This is the largest group of residential property purchasers; with runners up being 35 – 44 year-olds at 23%, 45 – 54 year-olds coming in 3rd (17%), and the smallest demographic being 18 – 25 year-olds (5%).
So, what do they say?
When asked the principal motivation for buying, the #1 answer was “Desire to own a home.” The American Dream lives on! Thirty-four percent of buyers said this was their reason, while job relocation and need for a bigger place tied for 2nd with 11% each. Approximately 90% buyers used fixed-rate mortgages to finance their home purchases – as opposed to 81% in 2007. What was the most widely-stated benefit of working with a professional real estate agent? Assistance in understanding the buying process – especially for first-time buyers, 79% of which said this was the case. Also mentioned as a big plus was an agent’s ability to negotiate better contract terms and bring to light “unnoticed features.”
Find out more next time…