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What’s different about sellers and homebuyers this year

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A red keychain in the shape of a house is attached to a single silver key and sitting on a wooden floor.

11/25/2014 | Author: Editorial Staff

Fewer first-time buyers purchased a home this year, according to the 2014 National Association of REALTORS® Profile of Home Buyers and Sellers released earlier this month. Thirty-three percent of recent homebuyers were first-timers for the time period of the survey, July 2013 to June 2014, compared to the historical norm of 40%. The decline in first-time homebuyers may be due to a variety of reasons including rising rents, student-loan debt, and low inventory.

Sellers stayed in their home longer than in the past, with those surveyed reporting living in their home for 10 years. The typical tenure in a home in 2007 was six years. Not all sellers intended to stay that long: 17% percent of sellers reported that they wanted to sell earlier but didn’t because their home had been worth less than their mortgage.

Here are a few other stats from the report:

  • The 2013 median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers. 
  • Married couples make up more than half of homebuyers at 65%.
  • Most buyers got help, with 88% reporting purchasing their home through an agent or broker.
  • Most sellers got help, too, with 88% also reporting using a real estate agent when selling.
  • Sellers often either found their agents through a referral by friends or family (38%) or used an agent who they’d previously worked with (22%).

Read more about the report’s findings on NAR’s website.

Categories: Research, Buyers, Sellers
Tags: research, buyers and sellers research, first-time buyers

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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