Are you ready to embark on the journey of finding your dream home with me as your real estate broker? Whether you’re a first-time buyer or a seasoned homeowner, navigating the real estate market can be both exhilarating and daunting. But fear not, because in this guide, I’ll walk you through the latest trends and insights into the national home buying process.
New vs. Previously-Owned Homes: Making the Right Choice
One of the first decisions you’ll face is whether to purchase a new construction or a previously owned home (what we commonly refer to as a resale home). According to recent statistics, 13% of buyers opted for the allure of a brand-new home with new construction, while a staggering 87% chose the charm and character of a pre-existing property.
What drove these decisions? Well, it appears that buyers seeking new homes were primarily motivated by a desire to avoid the hassles of renovations and potential issues with plumbing or electricity, with 45% citing these concerns. (Please remember that new home construction is not without its own set of issues. Without a history of the home, you do not know how it is going to fair with the settling or other common issues you will face that the previous owner has already dealt with.) On the flip side, tho those opting for previously owned homes were often enticed by better prices, with 38% prioritizing affordability above all else. When you are looking at resale homes, many times it is the improvements that have been made to the property that makes them more enticing.
Popular Home Types: From Detached Single-Family Homes to Condos
Let’s go shopping for your next home!!! When it comes to the type of homes purchased, detached single-family homes continue to reign supreme, capturing the hearts of 79% of recent buyers. However, townhouses or row houses have also carved out a niche, attracting 8% of homeowners.
Interestingly, there’s been a notable uptick in interest in senior-related housing, with 19% of buyers over the age of 60 opting for this option, up from 7% last year. Condos and townhouses also remain popular choices, with 17% and 12% of buyers respectively making these selections.
Location, Location, Location: What Matters Most
The age-old adage rings true: location is paramount in real estate and it’s the one thing we cannot do anything about. Sixty percent of buyers cited the quality of the neighborhood as the most important factor influencing their decision, emphasizing the significance of finding the perfect community.
Additionally, convenience to friends and family, as well as the overall affordability of homes, weighed heavily on the minds of buyers, with 45% and 39% respectively highlighting these considerations.
Negotiating the Deal: Prices, Sizes, and Expectations
When it comes to sealing the deal, buyers typically purchase their homes for 100% of the asking price, indicating a competitive market where demand often meets or exceeds supply. A quarter of buyers even went above and beyond, purchasing for more than the asking price to secure their desired property. Since then, we have entered 2024 and we have seen some of the statistics change regarding the sale to list price and a competent real estate broker like myself can assist you with obtaining and interpreting that data.
The typical home recently purchased boasts 1,860 square feet, featuring three bedrooms and two bathrooms, with the majority built in 1985. These figures provide valuable insights into the preferences of today’s homebuyers, reflecting a balance between space, functionality, and historical charm. This is not shocking as overall consumers have been opting for smaller and smaller footprints in many cases.
Looking Ahead: Long-Term Plans and Forever Homes
Ultimately, buying a home is a significant investment in both your present and future. For many Americans, buying a home is in fact the largest investment they ever make. Recent data suggests that buyers expect to stay in their new homes for a median of 15 years (which used to be 8 years), with a surprising 22% declaring their intention to never move again. This is huge because Americans were moving a lot more than they have been most recently.
As you embark on your own home-buying journey, keep these insights in mind. Whether you’re drawn to the allure of a new construction or the timeless appeal of a previously owned property, understanding the latest trends and statistics can help you make informed decisions every step of the way. I am here to guide you through the process, providing expert advice and personalized assistance to help you find the home of your dreams.
Statistical Source: National Association of REALTORS’ 2023 ‘Home Buyer and Seller Profile’
