Here’s What You Need to Know About the Housing Market
It’s that time of year! No, not the holidays. It’s the time when the housing market begins to change and currently it’s shifting towards buyers. With the change happening, it’s important to understand who is buying — and why.
After studying the National Association of Realtors’ annual survey, there are many trends we’ve noticed about the current market. Although first-time home buyers still make up a large portion of the real estate market, that number has actually declined since last year. First-time home buyers made up 33% of the market this year as compared to 34% last year.
Married couples make up the bulk of buyers at 63% but single people are also buying homes. Single females made up 18% of the market while 9% was single males and 8% were unmarried couples.
The housing trend also shows what kind of houses buyers are in the market for. Multigenerational homes made up 12% of the purchases. The study finds that people purchased those to take care of elderly parents or because adult children are moving home. These homes also helped them when trying to consider saving money.
Lastly, the NAR study shows that most buyers are using licensed real estate agents to make the process a smooth one. We know the importance of using a realtor and it seems buyers are learning that too. In fact, 90% of those buyers would use that same agent again or would recommend their agent to others buying or selling.
If you’re interested in the entire study, you can find it at the National Association of Realtors’ official website. Stay tuned to our Synergy Realty Network blog for more real estate trends and news.