– Crystal Vagnier – Select Group – Writer/Editor
Nar released their 2018 data on homebuyers and sellers; the research they listed provided insight into first-time homebuyers. The market hasn’t been kind to this demographic with their challenges of student debt, inventory shortages, rising rates, and no or limited savings. Despite these setbacks, first-time homeowners, 31% of the buyers in today’s market, do share similarities with past generations of first-timers.
- Likely to be married
- Likely to search for real estate online
- Likely to use a Realtor®
- Likely to purchase a single-family home
- Likely to use personal savings for a down payment at an average of 7%
As for other 2018 stats, here’s what NAR found regarding today’s homebuyers:
- 87% enlisted the help of a Realtor®
- 51% bought in suburbs
- 13% was the average for a down payment
- Average household income was $91,600
- $250,000 was the median purchase price
- 83% purchased single-family homes
These highlights help provide understanding into the challenges, needs, and wants of today’s buyers and sellers.