Know your competition: Buyers, Sellers or not.
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With rental prices hiking up, extremely low mortgage rates, and a stronger economy, it seems just about everyone wants to buy a home. But high prices are keeping many potential home owners, as well as would be sellers (that need a to move in to a new home) out of the market.
So who are the buyers and sellers these days?
It turns out that the typical buyer and seller are getting older, and buyers need to make more money, to be able to own a home of their own, according to 2017 Profile of Home Buyers and Sellers by the National Association of Realtors.
Your Typical Buyer Nowadays
Home buyers come in all shapes and sizes, but the typical one is around 45 years of age. That are up considerably since 81’, the inaugural year of the report when the median age was just 31. Buyers these days are also making good money, around $88,800 a year, according to the report. It was $88,500 in the previous year.
Most buyers preferred the suburbs and more rural areas, at 85%, compared with urban areas, which is where just 13% of folks bought homes. And the vast majority, 83%, also preferred a stand-alone, single-family house, the kind that typically has a lawn out back.
Raise Your Hand All Single Ladies.
This is another indication of just how much things can change in 36 years, at about 18% of home sales make by single women that was up with 17% last year and just 11% in 1981. While there is still below the 65% of sales that married couples scooped up, its ahead of 7% of sales that unmarried men made. Many are marrying later in life, or not at all. Or, some may have been married before and become widowed or divorced.
Being able to have a 30-year fixed mortgage provides financial security, compared with facing rising rental prices. In addition, single women buy homes that cost just a little bit more than single men: a median $185,000 versus $175,000 for the men. And that’s despite often making less than their male counterparts.
Buying isn’t easy, but with the right professionals by there is no reason to stress. For more information about buyers click here.