Despite low mortgage rates, rising prices and a lack of available affordable housing can be daunting to potential buyers. But whether someone is buying or selling, knowing more about the housing market can give the background needed to successfully compete. Who is buying and selling in today’s market?
Whether they're in the market to buy a home, hoping to unload their abode, or both, most folks are aware of the real estate landscape these days. In a nutshell: Home prices continue to reach new highs, mortgage interest rates are low, and competition among buyers is fierce for what few homes there are for sale. But most buyers and sellers don't know much else about the competition, which could put them at a serious disadvantage at the bargaining table.
Whether you're looking for leverage with a buyer or seller, or trying to make yourself stand out in a crowd, an annual report gives a lot of this helpful intel on who's active in the real estate market today.
For starters, home buyers are getting older. Much older. They hit a new high of a median 47 years of age, according to the National Association of Realtors® 2019 Profile of Home Buyers and Sellers report. That's compared with just 31 in 1981 and 46 in 2018. And the wants and needs of a 47-year-old are quite different from those of a 31-year-old!