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More home buyers are beginning to desire urban-style amenities as urban housing in metropolitan areas grows in popularity. These potential buyers state walkability as the most important characteristic of a new home while proximity to work comes in as the second most essential.
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Buying a residence is one of the largest life decisions a person can make. For those who bought homes in 2016, 35% of purchasers were first time buyers. Forty four year olds were the most common age of buyers while two thirds were married couples. Further stats can be seen below.
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Compared to 2015, 2% more of California households could afford to purchase a median-priced single-family home in 2016. With the average price for this type of property coming to $515,940, check out the most and least affordable counties in the Golden State below.
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Easy access to public transportation is becoming progressively more important to American home buyers. Potential buyers would pay to live near better transit options with the younger the generation the more it is willing to pay for location.
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School districts and proximity to quality ranking education significantly shape many buyers’ search for the perfect home. Three fourths of parents affirm the priority of high quality schools when it comes to picking a home while over half of them would choose a specific neighborhood if it meant better academic options.
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Strong seasonal price increases in the second quarter of 2016 have made it harder for Californians to purchase a home, for only 31% of them would be capable of affording a median-priced single family property in the state. Further averages are noted below, including the most and least affordable counties in California.
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Purchases of single family homes by investors have been steadily declining since 2013 as more begin to buy niche properties, such as commercial, land, or mobile homes.
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The generational tendencies toward home buying are shown below. The younger generation, the Millennials, are more likely to buy a home in the next few years rather than stay in their current one while as the generations get older the reverse is true with the Matures extremely unlikely to purchase a new home and instead expected to stay in their current one as long as possible.
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Those aged 55+ are on the hunt for properties and will continue to impact the real estate market. An overwhelming majority prefer a property with more space in a less populated community than less space in a more populated community. About half of this age group desire a home in the 2,000 to 2,999 sq. ft. range while their many other preferences can viewed below.
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People across the country face challenges when they plan to purchase a home. Several trends have emerged, and the following chart breaks down the unique obstacles that various ethnic groups tend to encounter.
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With over $750 Million in real estate sales, The Aaronson Group offers an unparalleled level of service to our highly respected clients. Whether you are looking to buy or sell your home, we guarantee that our expertise, professionalism & dedication will navigate you towards meeting your unique real estate needs.
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