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Despite economic uncertainty, volatile interest rates, and a national leeriness toward the current real estate market...people are still buying homes. Let me say it again...people are still buying homes. The outrageous competition of the last two years is gone, home values are becoming more affordable, and relatively speaking on a historic level, rates are still low...it you focus on monthly payments you can afford and work with a local expert, now is a great time to buy a home for most people!
So who are the people who are still buying homes...
The typical first-time homebuyer was 36 years old this year, rising from 33 years old last year, reaching an all-time high. Out of all homebuyers this year, 26% were first-time homebuyers, which is down from 34% the previous year. Of these buyers, 18% were unmarried, and 5% were made up of other household companions.
Of all buyers, 61% were married couples while 17% were single females and single males made up 9%.
Fourteen percent of homebuyers purchased multigenerational homes due caregiving needs for parents or descendants over 18 who had moved back into their childhood home. Second home / vacation home sales are still up 13% since pre-pandemic levels.
So what type of homes are these buyers purchasing...
As a testament to the new-construction shortage our country has seen for the last 10 years, only 12% of purchases were new homes, while 88% were residential resale.
The most recent buyers who purchased a new home were looking to avoid renovations and problems with major systems like plumbing or electricity, at 41% of new home buyers. Buyers considering better price often purchase previously-owned property instead, according to the latest data from Zillow.com
In 2022 there was no change in detached single family homes being the most common type of housing for these consumers, but mobile/manufactured houses saw an increase from 8% last year up 2 points this period which could be attributed partly to those properties requiring less initial investment.
With three bedrooms and two baths, the typical home purchased was 1,800sqft and built in 1986.
Survey results show that buyers are looking to purchase homes in neighborhoods with amenities, more convenience, and better affordability. In addition, they want the neighborhood environment to include well-lit streets and low levels of crime.
Overall, these buyers are are predicting they'll stay in their home for 15 years; however, the national average remains 7-10 years.
If you're looking to relocate to Utah or simply are looking for relocation tips and tricks, visit https://www.utmakesmoves.com/relocation-elevated. I'm Angie Clarke, a Salt Lake City Realtor®, and I specialize in working withhomebuyers relocating to the state of Utah.
Source: National Association of Realtors, "Highlights From the Profile of Home Buyers and Sellers"
Find Your Utah Home with Angie Clarke and UT Makes Moves / Keller Williams Realty
If you are looking for the right Utah home, then give Angie Clarke with UT Makes Moves a call. I aim to offer an exceptional relocation experience and unparalleled customer service through prompt communication, ethics and integrity, and the utmost care / concern for my clients!
Angie Clarke with UT Makes Moves is your local Salt Lake City home expert, specializing in working with buyers who are relocating to Utah. Whether you are buying or selling, I'd love the opportunity to make your relocation journey smooth and successful...I strive to provide Relocation Elevated: easing minds, building community, and finding home.
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