August 18, 2020 — Austin
Texas homebuyers say that finding the right property is the most difficult part of the homebuying process, according to the 2020 Texas Homebuyers and Sellers Report released by Texas Realtors. The annual report provides in-depth insights into the demographics, motivations and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2018 and June 2019. The report also outlines information related to Texas real estate consumers’ income, ethnicity, age and perceptions of the homebuying and selling process.
“This report provides critical insight for Texas Realtors in assessing the ever-changing needs and expectations of the consumers we serve,” said Cindi Bulla, 2020 chairman of Texas Realtors. “For example, despite access to a myriad of technology resources to search for homes, buyers continue to place a high value on local Realtor market knowledge when it comes to selecting the right home, negotiating the right price and guidance through the buying process.”
Buyers who purchased previously owned homes mentioned better prices, value and charm as the top motivating factors. Buyers of newly built homes cited avoiding renovations or plumbing and electrical problems as top reasons they purchased a new home.
The majority of Texas homebuyers (67%) were married couples, followed by single females (17%), single males (10%) and unmarried couples (5%). The median age of Texas homebuyers was 52, five years more than last year.
Bulla continued, “While Texas was slightly better than the national average of homebuyer diversity, we still have work to do. Across the state, we are still seeing white buyers make up the largest share of homebuyers, while those identifying as Hispanic or Black make up 14% and 5%, respectively. We as Texas Realtors must be laser-focused on strategies to ensure that homeownership is attainable and affordable for our entire population.”
In Texas, 78% of all buyers identified as white/Caucasian, 4% Asian/Pacific Islander, 5% Black/African-American and 14% Hispanic/Latino.
For Texans who sold their homes, the most popular reason for putting a home on the market was to move closer to friends or family, followed by job relocations and proximity to their work. Sellers spent a median of 12 years in their homes. The median sales price was $64,050 more than what sellers paid for their homes, and the median length the home spent on the market was four weeks.