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: 176
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

Dallas Selected As Host Of 2018 NFL Draft - 2018 NFL Draft is Headed to AT&T
The Incredible Joy Of Owning Your Home - If you haven't bought a home yet,
Why You Should Not Replace Your Agent With The Internet - With the influx of new technology
Exterior Lighting Adds Home Safety And Curb Appeal - Exterior lighting is a great and

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