Interesting New Homebuyer and Seller Trends

Despite affordability challenges in today’s market, the National Association of REALTORS® 2016 Profile of Home Buyers and Sellers shows a rebound in first-time homebuyers and single women.

Who are today’s first-time hombuyers?

The first-time homebuyer rate dropped for three years, but now it’s up to 35 percent of total buyers. That’s the highest since 2013 (38 percent). In the 35-year history of NAR’s survey, the long-term average of first-time buyer transactions is 40 percent. Plus, more younger buyers are entering the market—61 percent of the first-time homebuyers were under age 35. Single females represented 17 percent of total purchases (highest since 2011 at 18 percent).

The median age of first-time buyers in this year’s survey was 32 with an income of $72,000, up from $69,400 last year. New buyers purchased a slightly larger home that was more expensive, now averaging $182,500.  keep reading