Marti McVey Blog
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Is It a Good Idea to List My Home This Holiday Season?
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Snapshot of Today's Home Buyer
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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Snapshot of the Today's Seller
Sellers are already rooted, having lived in their current home an average of 10 years, NAR's report shows. Sellers are equity-rich and rely on real estate professionals for guidance now more than ever before, according to the National Association of REALTORS®' 2019 Profile of Home Buyers and Sellers. Equity gains prove a boon to sellers. Higher home prices have translated into faster appreciation for homeowners.
Snapshot of Todays Sellers
- Average age: 57
- Median household income: $102,900
- Living situation: 72% married; 16% single females
- Tenure in the home: 10 years (up from 6 years from 2001 to 2008)
- Median length of time on the market: three weeks
- Price sold: Median of 99% of the list price
- Median equity: $60,000 higher than what owner originally paid at purchase
- Incentives for buyers: 34% offered incentives, such as home warranty policies or assistance with closing costs...