All statistical information in this blog post was obtained from the 2021 NAR Profile of Home Buyers and Sellers and is copyrighted by the NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.
A New Era in Homeownership
A lot has changed in the last 40 years. With advances in technology and communications, the way buyers are shopping for homes has shifted. In 1981, consumers were not searching for homes on smartphones and computers. In 2021, we see a dramatic drop in searches from newspapers down to 7% from 22% in 1981.
First-time homeowners are getting older. We see a slight uptick in the age of first-time homeowners from age 29 to age 33. This could be a result of younger adults living with their parents. Could this be why financing has dropped to 87% from 93%? Are buyers saving more money than in previous years?
Lower interest rates may be the reason buyers are putting less money down. In 1981 the typical down payment was 20% while in 2021 it fell to 13%. With interest rates falling again recently, this trend may continue.
Get to Know the Buyers
First-time buyers increased to 34% from 31% last year.
11% of buyers purchased a multigenerational home.
14% of recent home buyers are veterans and 3% were active duty service members.
For 41% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 19% of buyers first contacted a real estate agent.
91% of recent buyers found their real estate agent to be a very or somewhat useful information source.
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