Are You A “Typical” Home Buyer?
Posted March 13, 2023 in Real Estate Trends
The National Association of Realtors® has published their 2022 Profile of Home Buyers and Sellers. Nationally, when compared to a year ago, the percentage of first-time home buyers dropped to a record low (26%), while the age of a typical first-time buyer increased to an all time high (36 years old).
The 26% of first-time buyers was down from last year’s 34%. While the typical first-time buyer was 36 years old, the typical repeat buyer was 59.
61% of all buyers were married couples, 17% were single females, 9% were single males, and 10% were unmarried couples. This is the highest share of unmarried couples recorded.
What kind of homes were bought?
12% of buyers purchased a new home, and 88% of buyers purchased a previously owned home. Detached single-family homes continued to be the most common home type for buyers at 79%, followed by mobile or manufactured houses at 8%.
For buyers, 49% cited quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were both cited at 37%. The typical home that was purchased was 1,800 square feet, with three bedrooms and two bathrooms, and was built in 1986.
Buyers expected to live in their homes for a median of 15 years, while 28% said that they were never moving. No wonder picking the right house is so important!
The key to finding success in the real estate market, whether you’re in search of the right house or the right buyer, is to find a good team to assist you. Clark County Title wants to be part of your real estate team in 2023. We pride ourselves on our “Service is the Difference” motto. That is what sets us apart! We’re the “hometown team” with caring service and the financial strength of our national underwriters.
As always, we’re grateful for the many referrals from the best Realtors® in Clark County. We’re also the only title company in Clark County that does title insurance in Skamania County, too!
Your friends at Clark County Title,
Scott