Since 1981, The National Association of REALTORS has annually reported the findings on their research, known as The National Home Buyer & Seller Survey.
Two major segments of the real estate market are on the rise; FIRST TIME HOME BUYERS & SINGLE WOMEN.
In case you’ve questioned such findings, this year’s report also showed that 90% of all real estate was sold through a REALTOR and only 8% was sold For Sale By Owner.
In 2013 we experienced a 30-year low of First Time Home Buyers at 32% with a 35-year history of 40%. Call it what you want but home buying for young people has been affected by the last decade of recession, college debt and the like. NAR Chief Economist, Lawrence Yun says that the pace of job growth and availability of entry level homes will be the deciding factor of how much rebound we continue to see.
Making up 17% of all buyers, Single Women have established a stronger share of those achieving the American Dream. Up from 15% in year’s past,Single Women have DOUBLED the share of Single Men who are buying a home (7% according to Yun).
All interesting facts thanks to NAR and their research, and locally our interest is that YOU have all the access and information you need to make such an important decision.