URBAN INSTITUTE RECENTLY RELEASED A REPORT ENTITLED, “BARRIERS TO ACCESSING HOMEOWNERSHIP,” WHICH REVEALED THAT “EIGHTY PERCENT OF CONSUMERS EITHER ARE UNAWARE OF HOW MUCH LENDERS REQUIRE FOR A DOWN PAYMENT OR BELIEVE ALL LENDERS REQUIRE A DOWN PAYMENT ABOVE 5 PERCENT.”
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.
According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.
So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process, and they have asked you what level of access you want to provide to potential buyers.
You want a real estate revolution? We’ve got you covered: Next year, more than half of all homes will be bought by first-time home buyers, according to an exclusive survey of buyers by realtor.com®. It’s a seismic shift from 2016. And here’s the kicker: Most of those newbies will be millennials.
Get ready for a new-look housing market.
Each year, realtor.com® does an annual survey of home shoppers to get to the heart of home-buying trends. And what we found this year is a true sea change in the buying population that will affect which homes and neighborhoods are the most desirable in 2017.