Where are the buyers coming from?

As you have probably seen, housing starts have continued to consistently rise for the past 2 years.  That begs the question, “Where are all the buyers coming from?”

I did a little digging and found some interesting info:

  • 40% of buyers in the market this year are first time buyers 
  • The average age of a home buyer has dropped by 3 years down to 42 years old
  • 90% of People buying use the internet first
  • The average person lives in their home 9 years these days while they used to live in a home only 6 years back in 2007
  • The average home is selling for about 95% of the list price
  • As of November we have already exceeded the number of new home starts in 2012 for the year

We have also seen several clients who were co-habitating with family or friends make the jump back to their own homes.  Certainly eager sellers, pent-up demand, and historic low interest rates have helped continue the upward sales trend.

Anyone else have an idea who or what might be accounting for the additional sales?  Please comment below, we’d love to hear your ideas.

 

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