For many years, moving closer to work was one of the prime reasons for a buyer to look for a new home! Like many other parts of our lives that has changed with the pandemic! The ability to work from home and other factors have helped change our priorities.
A recent National Association of REALTORS® survey of recent homebuyers and sellers showed that after quality of the neighborhood, the most important factor is selecting a new home was convenience to family and friends. This surpassed convenience to employment for the first time in many years.
The super competitive real estate market has affected home buying across the country. The typical buyer purchased their home for 100 percent of asking price. While 29 percent paid over asking. Buyers are reacting to our changing world by planning to stay put in their new home with the minimum anticipated stay climbing to 12 years. In addition, 18 percent of buyers say they are never moving.
Student debt and other economic factors have contributed to the median age of first-time buyers rose to 33 years old and the typical age of repeat buyers rose to 56 years old. The number of married couples buying a home has dropped to 60 percent while the number of unmarried couples and singles buying homes continue to rise.
The buying habits of home buyers have not changed with 82 percent opting for single family homes. The typical home is 1,900 sq. ft. with 3 bedrooms and 2 baths. Not surprisingly, 95 percent of homebuyers utilized the internet in their home searches and only 7 percent used a newspaper.
While things change with the times, some things never change! The survey showed that the American Dream of Homeownership remains strong in the families of America! Once again, the desire to own a home of their own is the single most important reason that buyers choose to buy a home of their own.
Also, not changing is the faith that the families of America have in their REALTOR®. The survey showed that 89 percent of sellers and 87 percent of buyers utilized a real estate professional to buy or sell their home. Overwhelmingly buyers and seller reported a good experience with their agents. 90 percent of buyers and 89 percent of sellers say that they have or would recommend their REALTOR® to a friends or family member.
No matter the times or the economic concerns, for generations American families have trusted REALTORS®to help them find a new place to call home! The only safe way to buy or sell your home is with a REALTOR®by your side! REALTORS® are the Keepers of the American Dream!!
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