What’s different about sellers and homebuyers this year
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.
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