· First-time buyers made up 31% of all home buyers, a dip from last year’s 33%. · The typical buyer was 47 years old this year, and the median household income for 2019 rose again this year to $96,500. · 12% of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving. · 18% of recent home buyers were veterans and 2% were active- duty service members. (According to the National Association of Realtors website:https://www.nar.realtor/research-and- statistics/research-reports/highlights-from-the-profile-of-home- buyers-and-sellers#homebuyers). Characteristics of Homes Purchased · Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 44%. Buyers who purchased previously-owned homes were most often considering a better overall value at 35%. · Home prices increased slightly this year to a median of $272,500 among all buyers. Buyers typically purchased their homes for 99% of the asking price. · The typical home that was recently purchased was 1,900 s 1,900 square feet, had three bedrooms and two bathrooms, and was built in 1993. · Heating and cooling costs were the most important environmental features for recent home buyers, with 83% finding these features at least somewhat important. (According to National Association of Realtors website: https://www.nar.realtor/research-and-statistics/research-reports/ highlights-from-the-profile-of-home-buyers-and- sellers#homebuyers) The Home Search Process · For 43% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale,
54
Powered by FlippingBook