Today’s Buyers Are Serious about Purchasing a Home
Today’s homebuyers are not just planning—they’re actively engaged in the buying process. According to a recent report by the National Association of Home Builders (NAHB):
“…Of American adults considering a future home purchase in the second quarter of 2020, about half (49%) are not simply planning it, they are actively engaged in the process to find a home. This is higher than the 41% a year ago, suggesting COVID-19 and record-low mortgage rates have converted prospective buyers into active buyers.”
Many Americans need more space to work from home, and current low mortgage rates further motivate buyers. If you’re considering selling, today’s buyers are ready, especially as more millennials enter the market.
“Of Millennials planning a home purchase in the next year, 57% are already actively searching for a home.”
Odeta Kushi, Deputy Chief Economist at First American, explains:
“When breaking down house-buying power by educational attainment for millennials in 2019, the higher the education, the higher the household income, and the higher the house-buying power. Median house-buying power for millennials increased 16% relative to 2018.”
As demand grows and millennials gain buying power, the opportunity to sell your house expands.
Bottom Line
Today’s buyers are serious, and millennials are helping fuel this demand. If you’re considering selling, let’s connect today to discuss your next steps while buyers are actively looking.
