For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
- First-time buyers made up 33 percent of all home buyers, a decrease from last year’s 34 percent.
- Sixty-three percent of recent buyers were married couples, 18 percent were single females, nine percent were single males, and eight percent were unmarried couples.
- Twelve percent of home buyers purchased a multigenerational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker.
- Ninety percent of buyers would use their agent again or recommend their agent to others.
Source: National Association of Realtors (download highlights)