Here Come 59 Million Buyers!
One in four U.S. adults say they are considering buying a home this year, which extrapolates to a whopping 59 million people, according to a recent survey by Bankrate.com.
Minorities are expected to be big buyers this year. More than two in five black survey respondents said they were considering buying a home. That is more than double the percentage of potential white buyers.
Also, older millennials and Generation X – which encompasses the ages of 27 to 52 – are showing more willingness to either become homeowners or trade up to a new home, the survey showed.
Young adults have mostly delayed home ownership. “They have been stymied by stagnant wages, student loans, and a lack of available starter homes,” Lewis says. “If enough affordable homes are put on the market, we might see a surge of first-time home buyers in their early to mid-30s.”
Lewis notes, however, what many people say is not always what they’ll be able to do. Rising mortgage rates and an uptick in home prices could prevent some would-be home buyers from saving enough for a down payment and limited inventories could delay their efforts in finding a suitable home to buy.
About 6 million new and existing homes were sold last year, according to the National Association of REALTORS® and U.S. Census data.
References: Realtor.com, Realtor Magazine
Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.
Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
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