Feb. 5, 2025

Nerd Alert! Breakdown of NAR's Home Buyer & Seller Profiles | Tiffany & Ashlee - 056

Show Notes

Are you ready to become a super nerd with us? In this episode, we’re sharing the latest real estate data and statistics from the NAR report. Why do you need to know this? Because you can use this information to help boost your real estate business. Also, 2024 hit an all-time record within the home selling and buying process. Hit the play button to hear all about it and be shocked by the details.

Home Buyer Demographics

In the past, the typical first-time home buyer's median age was in their late 20s, but now people are waiting to buy their first home around the age of 38. Why so late? It could be due to inflation and the higher cost of living.
Also, single women are becoming homeowners more and more nowadays (all the single ladies, put your hands up!). The NAR report shows that 20% of homebuyers are single women and 62% are married couples.

Types of Homes Being Bought

New homes vs. previously owned: which are being bought more? Honestly, it depends on your area, because in ours, we’re seeing new construction being sold more.
However, the NAR report did show that 15% of buyers purchased a newly constructed home, and 85% went for an existing home.

Home Financing and Investments

Another all-time high record for the home buying process is that 26% of buyers are using cash for payment. This could be due to people being budget-conscious and trying to take on less debt when owning a home.
Seventy-nine percent of people feel as though owning a home is a good decision. For those who think owning a home is a bad idea, keep in mind that there are benefits to owning one. Some of these include tax benefits, tax advantages, the ability to build equity, and it gives you pride in having something that no one can take away from you.

“When choosing neighborhoods, buyers were concerned about the quality of the neighborhood. That was important to 59%. And then the proximity to friends and family was at 45% as key components when looking at a neighborhood.” - Ashlee Jankovich.

“But surprisingly, the distance to work was declining as a key factor, which I feel like means more people want to be away from where they work.” - Tiffany Klusacek.

Resources

2024 Home Buyers and Sellers Generational Trends

Have questions about how to succeed in today’s real estate climate? Want further insights from a recent episode? Or maybe you just want to keep it real and connect with us! Either way, head over to www.realestatable.com/contact to book a one-on-one with us, and we’d be happy to answer any questions that you might have.

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Show Credits:

Our Executive Producers and Hosts are Ashlee Jankovich and Tiffany Klusacek. The Realestable podcast is produced by TSE Studios. Music provided by SoundStripe.