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Understanding today's homebuyers is essential to navigating the market. First-time homebuyers now make up 32% of the marketan increase from last year's 26%, though it's still one of the lowest levels in four decades. First-timers tend to be around 35 years old, while repeat buyers are typically 58. There's also been an increase in multi-generational homes, where families combine resources for aging parents or adult children returning home.
Veterans and active-duty service members also play a role, with 16% of recent homebuyers being veterans and 2% active-duty.
The pandemic reshaped the way people shop for homes, with online tools and virtual tours becoming essential. Nowadays, 41% of buyers start their search online, while only 20% first reach out to a real estate agent. Buyers are taking around 10 weeks to find a home, often visiting seven homes, with four of them viewed exclusively online.
It's no surprise that 100% of recent buyers used online resources in their searchup from 96% last year. This rise in digital tools has made the homebuying process more accessible and efficient than ever before.
Even in the digital age, the expertise of real estate agents is indispensable. A staggering 89% of buyers purchased their home through an agent, with 71% of buyers interviewing only one agent before making their choice. Buyers value agents who can help them find the right home, and 90% would use the same agent again or recommend them to others.
Financing continues to be a big part of the homebuying process. While 80% of buyers financed their purchase, first-time buyers contributed an average of 8% as a down payment. Repeat buyers, on the other hand, contributed 19%, showing the importance of equity. For many, down payments are the biggest hurdle, and programs like our OneDown option, allowing buyers to put down just 1%, are making homeownership more accessible.
On the selling side, many homeowners are motivated by a desire to move closer to family or because their home no longer fits their needs. Working with a real estate agent is still the most popular route, with 86% of sellers using one. The market is slowly shifting in buyers' favor, with sellers offering more incentives like closing costs or mortgage buydowns.
Single women are increasingly purchasing homes, outpacing single men nearly two to one. Unmarried couples are also growing in the market, making up 9% of buyers.
In conclusion, the housing market remains strong despite a few shifts. Whether you're buying or selling, understanding these trends can help you navigate your next move with confidence. With my expertise, I'm here to make sure you stay focused on what matters most in your homebuying journey, ensuring that you have the best tools, resources, and advice to reach your real estate goals.
Stay tuned for more updates as we continue to watch the market and help you on your path to homeownership!
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