According to end-year stats from NAR, the National Association of REALTORS, the typical age of a 2019 home buyer was 47 years old.
Keep in mind, this is inclusive of all buyers, not just first-time home buyers. In fact, 33% of home buyers were doing so for the first time in 2019, with 29% of them stating the desire to own as the primary factor in their decision to purchase.
While there are a number of ways for buyers to purchase – direct through a developer, through friends and family, or by means of a For Sale By Owner property – 89% of buyers in 2019 relied on the expertise of an agent or broker to complete the transaction for them.
The typical buyer more or less leaned on their agent as a source of expertise, as 87% of buyers indicated that their agent was very useful when it came to providing information during the home search.
On average, it took 10 weeks for a buyer to find a home, with the median showings per home buyer checking in at 9 homes. This doesn’t necessarily mean the client and agent went out every week for that 10 weeks, but it may very well include online searching as well, which is exactly where 44% of buyers said they started the buying process.
One particular number that stands out to me is the number of non-owners who feel home ownership may not be financially feasible at the moment. 57% of non-owners expressed that to be the case. However, if owning a home is something you’d genuinely like to explore, I always encourage prospective buyers to at least speak to a mortgage professional to discuss the sort of options that may be available to them. First-time home buyer tax breaks, low-interest loans, etc.: you’ll never know until you ask. Also, as I routinely remind buyers, you don’t need 20% down to purchase a home!
If you’re considering the idea of becoming a home owner in 2020, no matter what stage you may be in with that process, let’s connect and discuss all the boxes you can check off to determine the options available to you.