The year 2021 was undoubtedly an exceptionally prosperous year for the real estate market. So, what were the main features of home buyers and sellers last year? What are the new trends in purchasing and selling real estate?
What are the characteristics of homebuyers?
Throughout the year 2021, In the survey, first-time home buyers accounted for 34% of the home buyers, an increase of 31% from the last year.
The average age of first-time homebuyers is 33 years old, while the average age of home buyers with multiple home purchasing experiences is 56.
In addition, 14% of all U.S. homebuyers in 2021 are veterans, and 3% are active-duty military.
What kind of homes are people purchasing?
The survey showed that 36% of home buyers choose to buy a new home in 2021. The main reason for this is that they don’t want to spend the money and effort to renovate a second home, especially not to face problems with plumbing and electrical circuits in older homes.
11% of home buyers purchase Multi-Generational Homes, where several generations can live together. It can take care of their aging parents and save money on expenses for large families living together.
The housing market in 2021 is typically the seller’s market, with almost 100% of the homes sold in the year at no less than the seller’s list price, and 29% of the transactions were purchased at premium prices.
Due to the long-term work from home, homebuyers are less interested in the convenience of commuting but more interested in the security and amenities of the community, such as green spaces, pools, and parks. It is because people are spending more time at home.
How do people look for homes?
In 2021, 41% of home buyers will search for a home online as their first step, while 19% will contact a realtor first.
95% of home buyers use various online real estate resources and tools throughout the home purchasing process.
The average home purchasing cycle is 8 weeks, and the home buyers will look at 8 homes on average, of which about 3 will be viewed online only, while the other 5 will be considered on site.
When purchasing a home, will people look for an agent?
In 2021, 87% of home buyers chose to buy a home through a realtor. Only 7% of home buyers purchased their homes directly through the builders.
52% of home buyers said that their main reason for choosing a realtor was to find the perfect homes.
73% of home buyers did not change their realtors midway through the home purchasing process, and 90% of home buyers said they would use the same realtor again for their next purchase and would recommend their realtors to their friends.
What is the source of money for purchasing a home?
In 2021, 87% of home buyers bought their homes by purchasing a loan.
The percentage of first-time homebuyers who took out a loan was about 93%, while the share of repeat home buyers who took out a loan was 83%.
For 61% of home buyers, the source of the down payment is their savings. 28% of first-time homebuyers make the down payment by taking out a loan or receiving a gift from a family member. Some other home buyers sold their old homes for cash before making a down payment on the new homes because they were trading in their old homes for new ones.
What are the characteristics of home sellers?
In 2021, 18% of home sellers sold their homes because they wanted to live closer to friends and family, 17% of home sellers felt their homes were too small and wanted to change into larger homes, while another 11% of home sellers wanted to switch to a neighborhood with a more desirable living environment.
Almost 100% of home sellers sold their homes for the list price or more.
Only 26% of sellers offered some incentives to attract home buyers, such as gifts of appliances and furniture, or bear a part of closing costs, which is 46% lower than before.
In 2021, 90% of home sellers cooperated with realtors to sell their homes, and 82% of home sellers did not change realtors during the home selling process.
89% of home sellers authorize realtors to post listings on the MLS (National Open Listing System) and handle all matters during the home selling process.
In recent years, there has been a growing tendency to rely on professionals to do professional work.
Purchasing or selling a home are not small things. Good realtors and lenders, as well as reliable supporting services will make it twice as easy to buy or sell a home.
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