The real estate market is ever-changing, and if you're not keeping up with the trends, you could get left behind. The most recent data from the National Association of Realtors shows that first-time buyers made up just 26% of the market, the lowest level since NAR began tracking the data. And that's not all. The typical first-time buyer was 36 years old, an all-time high.
What does this mean for you? If you're thinking of buying or selling a home, it's important to stay up to date on the latest trends so you can make informed decisions. With that in mind, let's take a closer look at some of the other key findings from the NAR report.
First-Time Buyers are Getting Older
According to the NAR report, the typical first-time buyer was 36 years old, an all-time high. This is likely due to a few factors, including student loan debt and home prices. If you're a first-time buyer who falls into this age range, don't despair, there are still plenty of homes out there that fit your budget. You may just have to be a little choosier about where you buy.
More People are Moving Further Away from Home
The median distance between the home that recent buyers purchased and the home from which they moved was 50 miles, a record high and more than a threefold jump from a median of 15 miles from 2018 through 2021. This trend is being driven by both buyers and sellers who are looking for more space. And with remote work becoming more common, people are less tethered to one location. This means they have more flexibility when it comes to where they choose to live.
Small Towns and Rural Areas are Gaining Popularity
The shares of homes purchased in small towns (29%) and rural areas (19%) were both all-time highs according to the NAR report. This trend is likely being driven by two factors: lower prices and more space. If you're thinking of making a move to a small town or rural area, now may be the time to do it.
Nearly nine in 10 buyers (86%) and sellers (87%) purchased or sold a home using a real estate agent or broker according to the NAR report. This shows that most people still value the expertise of real estate professionals, even in today's fast-paced market. If you're thinking of buying or selling a home, it's important to work with an experienced agent who can help you navigate these waters.
So in Conclusion:
It's clear that the real estate market is evolving rapidly and if you're not keeping up with the latest trends, you could miss out on some great opportunities or worse, end up overpaying for your dream home. That's why it's so important to stay informed and work with an experienced real estate agent who can help guide you through the process. With our help, you'll be sure to find your perfect home in no time.