How About Some Details On Todays Home Buyers And Sellers

How About Some Details On Todays Home Buyers And Sellers

According to NAR’s 2016 Home Buyer and Seller Profile

•   First-time buyers: The typical first-time buyer had a higher household income ($72,000) than last year ($69,400). They purchased a slightly larger home this year (1,650-square-feet versus 1,620-square-feet in 2015) also a pricier home ($182,500 versus $170,000 in 2015).

•   Debt woes: 40% of first-time buyers are saddled with student debt, and 26 percent say that saving for a down payment was the most difficult. The typical amount of debt they owe is $26,000. 50% of first-time buyers said student loans delayed them saving for a home purchase. The median delay in saving due to student loan debt was 3 years.

•   Down payments: Down payment sizes have held mostly steady in recent years. First-time homebuyers came with a median down payment of 6 percent while repeat buyers tended to put 14% down. 88% of buyers financed their purchase (59% conventional; 24% FHA; 12% VA loans).

•   Buyer search resources: The most popular search resources buyers used for their house hunt were: online (95%), real estate agents (92%), mobile/tablet apps (72%), and open houses (50%). A record 51% of home buyers reported finding the home they purchased online. Still, 90 percent who used the Internet in their house-hunt still said they used a real estate agent to buy the home.

   Home seller gains and motives: Sellers had a median equity gain of $43,100 (compared to $40,000 in 2015). That marks an average 24 percent increase over their original purchase price. More sellers opted to trade up (44%) compared to last year (42%).

•   Customer loyalty: Eighty-five percent of sellers said they would definitely or probably use their real estate agent again or recommend him or her to a friend.





Image title


Jean Ryan Headshot
Author:
Phone: 972-489-2371
Dated: November 1st 2016
Views: 144
About Jean: Realtor Jean Ryan is “Up to the Challenge” my approach to Tennis and Golf is a fitting indicato...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Why Start An Airbnb Rental - By Heath OlingerDALLAS, TX. –
What Are The Mistakes That First Time Home Buyers Make - By Heath OlingerAre you planning
5 Reasons To Hire A Real Estate Professional When Buying Or Selling - Whether you are buying or 
Why Americans Consider Moving To Another State - Some Highlights: In a recent 

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Rogers Healy and Associates
4925 Greenville Ave. #360
Dallas, TX
214-238-8589