Are you looking to buy or sell a home? Understanding current home buyer trends will help you make informed decisions and navigate the real estate market more effectively. The National Association of Realtors’ 2024 Home Buyers and Sellers Generational Trends Report offers valuable insights into the preferences and behaviors of today’s home buyers. Here are some key insights from the report.
New vs. Previously Owned Homes
The study showed older home buyers are most likely to buy new homes and younger buyers least likely. This suggests older buyers prefer the modern amenities and lower maintenance of newer homes while younger buyers prioritize affordability and existing neighborhood infrastructure.
Home Size
The median size of homes purchased was 1,860 square feet. Younger and older buyers were more likely to buy smaller homes while middle-aged home buyers tend to prefer larger properties.
Compromises
When choosing homes, buyers most commonly compromised on price followed by the style, condition, and size of the home. However, 26% of buyers made no compromises with older buyers most likely to hold firm on what they are looking for in a home.
Home Search Process
On average, buyers searched for 10 weeks before finding a home. The most challenging step was finding the right property followed by managing paperwork, understanding the home buying process, and saving for a down payment. 88% of buyers used a real estate agent, emphasizing the critical role of professional guidance during the home buying process.
Neighborhood Choice Factors
Key factors influencing neighborhood choice included the quality of the neighborhood, proximity to family and friends, overall affordability, and convenience of commuting to work.
As you consider buying a home or selling your current home, understanding these trends can help you make confident decisions and approach the real estate market with clarity. For personalized advice and expert guidance, contact your Zuber real estate agent. We’re here to help you every step of the way.