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For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
- First-time buyers made up 34 percent of all home buyers, a decrease from last year’s 35 percent.
- Age for first-time buyers remains flat, but the age of repeat buyers continues to climb—now at an all-time high of 54.
- Married couples continue at 3-year decline, while single females increased for the 3rd year.
- Buyer and seller use of agent remains at historical highs, 87% and 89% respectively. FSBOs remain at an all-time low of 8%.
- Sight rise in buyers using proceeds from sale as primary residence, but still below the historical norm.
- Drop in those who stalled their sale of the home because they were underwater to 10%, but it is still common among those who purchased 8-10 years ago at 26%.
- Tenure remains at an all-time high of 10 years.
- The weeks on market dropped to an all-time low of 3 weeks.