Posts with tag 'buying a home'

Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you're a first-time homebuyer. But in today's whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership. 

 A real estate boom during the pandemic pushed home prices to an all-time high.¹ Add higher mortgage rates to the mix, and some would-be buyers are wondering if they should wait to see if prices or rates come down.

 But is renting a better alternative? Rents have also soared along with inflation – and are likely to continue climbing due to a persistent housing shortage.² And while homebuyers can lock in a set mortgage payment, renters are at the mercy of these rising costs for the foreseeable future.

 So, what's the better choice for you? There's...

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Home buyers are ready to plant roots: Today's buyers are young, multicultural, tech-savvy, and eager to buy a home as a personal investment, according to the National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers. Young adults ages 25 to 34 make up a quarter of all home buyers, the largest share. Meanwhile, first-time buyers are getting older: The median age of this cohort rose to 33—the highest on record in the NAR survey.

Snapshot of Home Buyers

• Average age: 47
• Median household income: $93,200
• Living situation: 61% married; 17% single females; 9% single males; 9% unmarried couples
• Demographics: 84% white; 7% Hispanic; 5% Asian; 4% African American; 3% other
• Average length of house hunt: 10 weeks (touring a median of 9 homes)
• Primary reason for purchase: Desire to own a home
• Most common house type purchased: Detached single-family home, 1,850 square feet, three...

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