The National Association of Realtors just released the 2017 Profile of Home Buyers and Sellers survey which provides demographic insights into the real estate market nationally. 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%.
- 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 (holding on to the same property) remains at an all-time high of 10 years.
In Ridgefield, we are seeing young families make the move to the suburbs, while empty-nesters are starting to downsize. While we may not have seen the gains in value that some of the country is experiencing, 2017 has been a strong year for both single-family unit sales and median home values. We hope to see this trend continue through the end of the year.
Source: “2017 Profile of Home Buyers and Sellers,” National Association of REALTORS® (Oct. 30, 2017)