6 national stats Realtors should know
No matter what is happening in the market, Realtors need to know who’s buying houses, what they are buying and how they are buying them in order to effectively market their services.
We know you stay on top of this for our great communities, but we wanted to highlight the latest generational trends report from our friends at the National Association of Realtors.
Who is buying houses?
- Millennials made up the largest share of home buyers at 37% in 2020.
- First-time buyers made up 31% of all home buyers in 2021.
The largest groups looking for houses are Millennials and first-time homebuyers. These 25-40-year-olds may be buying houses later in life than their parents or grandparents, but they are now in the prime homebuying stage of their lives and are looking for their first homes all over the country. Since so many are new to the real estate market, they will need a trusted professional to guide them through the process, and don’t forget the generation behind them – yes, we’re talking Gen-Z again – is on the cusp of home buying, too.
What kinds of homes are they buying?
- 80% of all homes bought in 2021 were detached single-family homes.
- New home purchases made up a 15% share and previously owned homes made up 85%.
The overwhelming majority of homes purchased are still the ones described in the American Dream: detached single-family homes. Millennial city-dwellers are making their way to the suburbs and looking for more spacious living. While some may have snagged a brand new home, those have been hard to come by due to the strain on the housing supply during the pandemic, so most are buying existing homes.
How are they buying houses?
- 97% of buyers reported using a website for home search info and 87% reported using a real estate agent
- Buyers who called a real estate agent searched on their own for three weeks before calling an agent.
While a huge majority use a real estate agent to help them find a new home, buyers these days almost universally shop for themselves online before reaching out to a professional. This shows how important it is for all of us in real estate to meet potential customers where they are: online and especially on social media.
When it comes to attracting buyers and sellers – and then helping them through their home journey – knowledge is power. While we know our team works with some of the best experts in our market, we hope these stats help you all summer long. When you need a title and escrow partner to help you to the finish line, turn to us to get the job done for you.