The National Association of Realtors just released its annual home buyers and sellers profile, which summarizes major real estate trends from the past year. While the report itself is a whopping 164 pages(!), here are some top takeaways:
• The number one reason for moving this year? A desire to live closer to friends and family. Coming in at a close second is more space, such as a larger yard or home office.
• The pandemic continues to motivate sellers, and homeowners now spend an average of eight years in their home before selling (the previous average was nine to ten years).
• It’s still a seller’s market. Homes now average just one week on market, compared to three weeks in 2020. Only 26% of sellers offered home buyers incentives this year (e.g. home warranties and assistance with closing costs) compared to 46% last year.
• 35% percent of sellers received over asking price.
• The number of all-cash buyers continues to grow with 17% of repeat buyers paying all-cash for their home this year.
• The percentage of first-time home buyers rose to 34%, compared to 31% in 2020. Nearly a quarter of these buyers received financial assistance from family members via a loan, gift or living with parents or in-laws prior to purchase.
• More single women purchased homes as the number of married couple buyers continued to decline. Among first-time buyers this year, 50% were married, 20% were single women, 17% were unmarried couples and 11% were single men.
• The number of home buyers with children under age 18 dropped to an all-time low of 31%.
• Most buyers and sellers hire an agent to handle their real estate transaction. Eighty-seven percent of buyers used a real estate agent to purchase their home, and 90% of sellers used an agent to sell their home.
Thinking of buying or selling? Contact me today at 484-614-2362 to discuss your options.