FirstTime Buyers Are Searching For Existing Homes This Year

Dated: 02/10/2020

Views: 63

In the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to buy a home over the next 12 months. The report indicates the percentage of all buyers that will be first-time buyers looking to purchase a home grew from 58% in Q4 2018 to 63% in Q4 2019. The results revealed,

“Millennials are the most likely generation to be making plans to purchase a home within a year (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective buyers in the youngest two generations are primarily first-time buyers:  88% of Gen Z buyers and 78% of Millennial buyers are reaching out to homeownership for the first time in their lives.”

With a high demand from first-time homebuyers and a shortage of inventory in the current market, selling your existing home this year might be your best move. Why? Because when homebuyers begin their search, they’re not all looking for new construction. Many are eager to find a little charm and character in a place to call home – possibly yours. In fact, according to the same study, there is a significant demand for existing homes:

“In terms of the type of home these prospective home buyers are interested in, 40% are looking to buy an existing home and 19% a newly-built home. The remaining 41% would buy either a new or existing home.”

With showing activity up among buyers and more new construction coming to market, as a homeowner, you have the opportunity to sell your existing house now and move up into a new one, or downsize into a home that better fits your current and ever-changing needs.

Bottom Line

Not all buyers are looking for a newly built house. If you’re ready to take advantage of low mortgage rates and a high demand for your existing home, reach out to a local real estate professional who can help you market the charming details of your current house to potential buyers.

Source: Keeping Current Matters.

Blog author image

Jane Skulstad

Welcome! As a REALTOR® and SRES® - Seniors Real Estate Specialist affiliated with HomeSmart Elite and the Valley Solutions Team, I am here to help you buy, sell or invest in Real Estate. I can al....

Want to Advertise on this Site?

Latest Blog Posts

American Lifestyle Magazine July 2020

Now that July is here, the summer season is officially in full swing. The year has been full of ups and downs, giving you a lot of opportunities to be more creative with your time. This issue of

Read More

Want To Make A Move Homeowner Equity Is Growing YearOverYear

One of the bright spots of the 2020 real estate market is the growth in equity homeowners are experiencing across the country. According to the recently released Homeowner Equity Insights&

Read More

Is The Economic Recovery Already Underway

The Wall Street Journal just released their latest monthly Survey of Economists. In an article on the findings, they reported: “The U.S. economy will be in recovery by

Read More

Three Reasons Homebuyers Are Ready To Purchase This Year

A recent survey by Lending Tree tapped into behaviors of over 1,000 prospective buyers. The results indicated 53% of all homebuyers are more likely to buy a home in the next

Read More