5 Trends You’ll Notice Among Sellers and Buyers
Who are selling and buying these days?
Home buyers are ready to plant roots: Today’s buyers are young, multicultural, tech-savvy, and eager to buy a home as a personal investment, according to the National Association of REALTORS®’ 2019 Profile of Home Buyers and Sellers. Sellers, on the other hand, are already rooted, having lived in their current home an average of 10 years, NAR’s report shows. Sellers are equity-rich and rely on real estate professionals for guidance now more than ever before.
Five key themes emerged from NAR’s annual survey of recent home buyers and sellers, ranging from what buyers are looking for in a house to what both buyers and sellers expect from a real estate agent. NAR has been providing an in-depth analysis of home buyers and sellers since 1981. This year’s report is based on surveys of more than 5,800 consumers.
Buyers, sellers turn to agents in record numbers. The internet hasn’t replaced real estate professionals. Eighty-nine percent of buyers—a record high for the report—say they used an agent to purchase a home. On the seller side, the share of For Sale by Owner transactions hovers at 8%, on par with recent years. “While the home search process has shifted toward digital technology, the need for a trusted real estate agent to help sell a home is still paramount,” NAR notes in its report. “Personal relationships and connections remained the most important feature of the agent-buyer/seller bond.”
Unmarried buyers are on the rise. Young adults ages 25 to 34 make up a quarter of all home buyers, the largest share. Meanwhile, first-time buyers are getting older: The median age of this cohort rose to 33—the highest on record in the NAR survey. The median age of first-time buyers in 1981 was 29. While most people who buy together still wait for marriage, unmarried buyers make up a growing share of the market, 9% compared with 8% a year ago. Married buyers made up 61% of the market. That’s down from 73% in 1981. Single female buyers made up 17% of the market, while the share of single male buyers was 9%.
Debt remains a hurdle to saving for a down payment. More than a quarter of buyers—28%—say they delayed their home purchase because of debt. The median amount of time homeowners spent saving for a down payment was four years, according to NAR’s survey. Many buyers cited saving for a down payment as the most difficult step in the homebuying process, indicating that student loans, credit card debt, and car loans diminished their purchasing power. The median down payment on a home purchase is 12% for all buyers. Broken out, the median down payment is 6% for first-time buyers and 16% for repeat buyers, according the report.
Equity gains prove a boon to sellers. Higher home prices have translated into faster appreciation for homeowners. Sellers this year sold their homes for a median of $60,000 more than they paid at the time of purchase, up from $55,500 a year ago, NAR’s survey shows. Sellers who owned their home for six to seven years reported a median $72,200 gain, while those who sold after 21 years of ownership saw a median gain of $162,000.
Inventory woes continue. “Due to suppressed inventory levels in many areas of the country, buyers are typically purchasing more expensive homes as prices increase,” the NAR report notes. The average number of weeks a buyer searched for a home was 10 weeks. New-home construction has failed to catch up to buyer demand, with the share of new-home sales falling to an all-time low of 13%, NAR reports. For comparison, new-home sales held steady at 16% from 2011 to 2015. Existing-home sales have edged up from 86% of the market last year to 87% this year. In 1981, new-home purchases comprised 18% of the market, while existing-home purchases made up 82%.
Article found in Realtor Magazine
'Tis the Season To Sell! Why You Should Keep Your Home On the Market
Happy Thanksgiving HWMY Readers,
Here’s a dilemma faced by many sellers right now: do I continue to sell or pull my home off the market until after the holidays? Well here are six reasons why you should keep your home listed and why this time for selling can actually be ideal!
#1 When people pull their listing now, yours automatically rises to the top! And that means less competition and more buyers to see your home.
#2 What DO the holidays smell like? Well pies, cakes, yummy dinners and all the fixings of course! On top of all the decorations, believer it or not, homes actually show better during this time of the year because of the holiday cheer. And why wouldn’t those warm and fuzzy feeling translate to an easy escrow?
#3 Because of the holidays, buyers tend to be very serious and want quicker escrows. This makes sense, why not enjoy the gift of your new home for the holidays?
#4 And on that note, kids are out of school during this time which makes it a lot easier for families, both from and out-of-town, to look at homes together. Decisions are made faster if all family members are present and that means a faster sell for you!
#5 Since volume trends lower during December, that can translate to a faster escrow too. Title and escrow officers are celebrating and waiting for your escrow to keep them busy. So let’s not disappoint them.
#6 Lastly if your home hasn’t sold before the holidays, take this time to adjust your marketing plan to sell now. Taking fresh approach and updating your plan can make your property trend again, getting a second wind so to speak. This can make the difference between your home sitting and selling.
So if you are on the fence about whether to sell or hold off, I hope these points help you make the best decision for you and your family. And remember, To Sell or Buy, ALWAYS Call Homes With MY (619) 887 - 4969 (HWMY)!
Yours Truly, MY
This article was originally titled, “'Tis the Season (to Sell): 6 Reasons You Shouldn’t Take Your Home Off the Market for the Holidays,”and written by Wendy Helfenbaum on 11/14/18.
Seller Slips-Ups
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Take a quick peek at all the ways to AVOID seller slip-ups on your next sale. Remember, I am just a call away! To Sell or Buy, ALWAYS Call Homes With MY 619-887-4969 (HWMY)!
Yours Truly, MY
Are You Winning the Race?
Hi HWMY Readers!
If your agent is working hard for you, then they would insist on you having financing in place before showing the very first home to you. Why? What happens if you fall in love with a home you’ve just seen but someone else is there who is preapproved and loves the house too. Guess who wins the bid? Let’s win together! To Sell or Buy, ALWAYS Call Homes With MY 619-887-4969 (HWMY)!
Yours Truly, MY
Latest Trend: Smart Home Tech
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Yesterday’s smart homes with the USB outlets and energy efficient appliances is so passe. Take a peek below to see this new type of smart home where you can almost enter without touching anything. Remember, to Sell or Buy, ALWAYS Call Homes With MY 619-887-4969 (HWMY)!
Yours Truly, MY
Signs It's Time to Sell!
Hi HWMY Readers!
Do you know the signs that it is time to sell? Take a quick look below are the reasons why and when it is time to sell. And remember, To Sell or Buy, ALWAYS Call Homes With MY 619-887-4969 (HWMY)!
Yours Truly, MY
Are You Ready to Qualify For a Mortgage
Hi HWMY Readers!
Are you ready to qualify for a mortgage? Below are five essential steps needed for a mortgage. Let me know if you are ready to speak to a lender. I have a excellent referrals of top lenders. And remember, to Sell or Buy, ALWAYS Call Homes With MY (619) 887-4969 (HWMY)!
Yours Truly, MY
Down Payment Dilemma
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Do you think you have to have 20% down to buy your home? Think again! Below are some of the unique ways to overcome the challenge of the down payment dilemma. Remember, to Sell or Buy, ALWAYS Call Homes with MY 619-887-4969 (HWMY)!
Yours Truly, MY
What Makes the American Dream Home?
Hello HWMY Readers!
Do you know what makes the American Dream Home? Well, we asked a few millennials what they thought and the answer will surprise you! Read below and find out what they think. And remember, to Sell or Buy, ALWAYS Call Homes With MY 619-887-4969 (HWMY)!
Yours Truly, MY
Pool Care Mistakes, Are You Making Them?
Hello HWMY Readers!
Are you making pool care mistakes that are potentially dangerous? Don’t worry! Help is below. Take a look at the simple things pool owners can do to make pool time the most enjoyable time of the day! And remember, to Sell or Buy, ALWAYS Call Homes with MY 619-887-4969 (HWMY)!
Yours Truly, MY
Are Your Pets Protected?
Hello HWMY Readers!
When preparing for an emergency, are your little ones protected? Not just our upright walking family members, but our four-legged ones too. Take a quick look at the ways to make sure you and your family stay protected! And remember, to Sell or Buy, ALWAYS call Homes With MY 619-887-4969 (HWMY)!
Yours Truly, MY
What's Your 'Housiversary?'
Hello HWMY Readers!
Have you heard the latest trend called, “housiversaires?” Well it’s exactly what it sounds like: a celebration of when you bought your house. Oh how much fun do these sound?? Would you host a housiversary? Or have you attended one? Please let us know in the comment section below! And remember, to Sell or Buy, ALWAYS Call Homes With MY 619-887-4969!
Yours Truly, MY
