Are you 33 years old? Time to buy a home!
Posted March 14, 2021 in Uncategorized
The median age to buy a first home is 33 years old. Nationally, 15 million millennials between 28 and 30 years old are approaching that age. That’s only a portion of all millennials (born between 1980-1995 or 2000), the age group that makes up the largest percentage of home buyers. Meanwhile, many Generation Xers—those born between 1965 and 1980, younger than baby boomers—are in their peak earning years, and make up more than a quarter of home buyers in the nation’s largest metro areas, second only to those darn millennials. They are right in the middle of the median age for repeat homebuyers: 55.
So what? Well, you may have noticed that our local market is crazy hot right now. Buyers are competing against each other to try to snag one of the too-few homes on the market. Sellers are trying to figure out which of several offers to accept. Builders are trying to gauge which group of buyers to design and build for, while Realtors and lenders strategize on how best to attract these prized buyers and sellers. Knowing who you are competing against or for, and the differences between these groups, is key. For one thing, we can certainly toss out the old myth that millennials were going to rent (or live in the basement) instead of buy. Not only did they decide to buy, they are the biggest group of buyers.
In the title and escrow business, we take all comers. We’re blessed to work with young and old(er) people, first-time and repeat buyers, once in a lifetime buyers or sellers, and those that buy and sell real estate nearly every month. We do our best to appreciate every single person that comes our way, seeing our job as not just getting the deal closed, but meeting the customers’ needs in doing so: some people want to learn everything they can so that they are comfortable with what may be the largest transaction of their life, while others just want to know “where do I sign?” To us, the people involved in the transaction are just as important as the paperwork, the house or the land.
If you have questions or concerns about escrow, title insurance or real estate generally, please call! If we don’t know the answer, we can refer you to one of the many local experts in all areas of real estate to get you the information you need.
We wish you and yours a Happy St. Patrick’s Day!
From your friends at Clark County Title,