Currently Reading

An In-Depth Analysis of 2020’s Buyers and Sellers

Advertisement
Demographics

An In-Depth Analysis of 2020’s Buyers and Sellers


December 18, 2020
Two people smiling with house keys
Photo: bnenin

To build, a builder needs to know their buyers. Who they are, what they want, and how they purchase a home are pertinent factors for home building. The National Association of Realtors’ annual Profile of Home Buyers and Sellers survey identified characteristics of both homebuyers and homes purchased, financing, selling experiences, and general profiles before and after COVID-19. Survey results come from buyers and sellers who purchased sometime between July 2019 to June 2020. Notable changes include the decrease in first-time homebuyers, which dipped to 31% from 33% in 2019. This is the lowest share since 1987.

Tightened inventory is affecting the home search process of buyers. Due to suppressed inventory levels in many areas of the country, buyers are typically purchasing more expensive homes as prices increase. The number of weeks a buyer searched for a home fell to eight weeks from 10. Many buyers took advantage of new virtual tours and virtual listings and used those in their search process. Buyers continue to report the most difficult task for them in the home buying process was just finding the right home to purchase. 

Increased prices are also impacting sellers. Tenure in the home remained at a high of 10 years this year. Historically, tenure in the home has been six to seven years. Sellers may now have the equity and buyer demand to sell their home after stalling or delaying their home sale.

Read More

 

Related Stories

Housing Markets

The Best and Worst States For Retirement

Some of the largest considerations for retirees to evaluate when deciding where to retire include affordability, safety, and activities.…

Demographics

What Features Are Millennial Buyers Seeking?

Low interest rates are pulling Millennials into the housing market, where they are more likely to bet on riskier homes and want larger homes,…

Demographics

Next Generation of Renters Flock to Country's Heartland

The fastest growing active renter segment in the U.S., Gen Z, seems to be eyeing small towns in the country’s heartland—a drastic difference from…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.