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The share of White/Caucasian buyers and Hispanic/Latino buyers both grew this year, while the share of other racial and ethnic groups declined. 61% of recent buyers were married couples, 17% were single females, 9% were single males, and 10% were unmarried couples. The typical first-time buyer was 36 years old this year, rising from 33 last year, while the typical repeat buyer age climbed to 59 years. This is the lowest share of first-time buyers since the data collection began.
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For recently sold homes, the final sales price was a median of 100% of the final listing price, the highest recorded since 2002. The majority of first-time buyers did make financial sacrifices to purchase a home. For those who did, the most common sacrifices buyers reported were cutting spending on luxury goods, entertainment, and clothes.
Lautz noted that several reasons were behind the decisions among last year's buyers to seek homes farther distances away from their previous residences. At just 26%, the share of first-time buyers was the lowest since NAR began tracking the data. The typical first-time buyer was 36 years old – an all-time high. Folks stayed in their properties for a median 10 years before moving on.
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NAR Releases 2020 Profile of Home Buyers and Sellers
First-time buyers who financed their home typically financed 93% of their home compared to repeat buyers at 84%. Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 44%. Buyers who purchased previously-owned homes were most often considering a better overall value at 35%. The best part of the sale is that sellers pocketed a profit.
They wanted to make sure their homes were convenient and had appropriate outdoor space for their pets. The market is beginning to shift as more homes are making their way onto the market. That’s giving buyers more choice and slowing the out-of-control price appreciation of the last few years. 86% of sellers listed their homes on the Multiple Listing Service , which is the number one source for sellers to list their home. 80% of recent sellers contacted only one agent before finding the right agent they worked with to sell their home. Recently sold homes were on the market for a median of two weeks, an increase from one week last year.
Sellers who sold after March were more likely to use technology as a marketing tool. The biggest difference seen is among those using virtual tours. 27% used virtual tours after March compared to 16% of those pre-April. Those who financed their home purchase typically financed 88%.
Just about every buyer wants to know who they’re up against in the marketplace. Buyers were a median 46 years old and had a median household income of $91,600. That’s up from $88,800 last year and $88,500 the previous one. And they need every cent to close on a home at a time when a lack of inventory and rising mortgage interest rates are pushing the cost of homeownership up to new heights.
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