The National Association of Realtors released its 2014 profile of homebuyers and home sellers. The market is a changing again!

Big changes:

1st time homebuyers are now less then 29% of all purchases, this is down from 33%. The likely cause in the decline is high rents: making it hard to save money, more student loan debt, high mortgage insurance premiums, tight credit and investor competition in the marketplace.

Here is a peek at what today’s “First-Time Homebuyer” looks like:

  • 31 years old
  • They are staying in their home longer, an average 10 years; up from 6 years just a few years back in 2007.
  • They viewed 10 homes before purchasing - this is down.  When they are looking online they narrow down what homes they actually want to view in person.  Attention listing agents and sellers, make sure you have awesome photos or you will not get these 1st time buyers in the the door for a live showing!

And what does that “Repeat Buyer” look like?  They have changed too:

  • 53 years old
  • They are staying in their homes longer as well, an average of 15 years.  Keep up your home maintenance Mr. and Mrs. Seller so you can get the most equity out of your home as possible!

Did you know 15 years is the average timeframe needed for updates on a home’s major systems (roof, furnace, water heater and carpet?)  Updates are needed on outdated décor, this usually happens at 15 years, too.  There seems to be a “15 year” theme going on here…

Other interesting facts:

  • 65% of homebuyers were married couples
  • 16% are Women- don’t feel too bad guys, women do out number you.
  • 9% are Men
  • 8% are Unmarried couples

1st time homebuyers made up 29% of all purchase, this is the lowest number of 1st time homebuyers by percent in the last 27 years.