Today, I want to share some fun facts about this current market, because I keep hearing the same things from everyone: nobody is buying, it’s unaffordable, etc. Some of these things are accurate, but we really need to look at the numbers to see what is actually happening.
Lots of First-Time Home Buyers in January
Here’s what’s great: in January, 32% of home buyers were first-time buyers. This says something about the market.
Yes, it is expensive – I get it. But the reality is that options are still out there, and people are still buying homes. Real estate still makes sense.
To drive this point home, my own daughter and her husband closed on their first house yesterday. I’m having the same conversation with them that I’ve been having with everyone else in this market. Even though things feel expensive right now, waiting is only going to cost more.
Has anyone ever bought their first house and felt like it was so affordable – much lower than their rent? No! That’s just not the way it works.
Median Age of First-Time Home Buyers
Another fun fact: the median age of those first-time home buyers last month was 35 years old. Historically, that number was closer to 28 years. People are pushing out that first-time purchase, but they are still making it happen.
Overall, I think it bodes well for the market. We’ll see how the trends continue to change throughout this year.
If you have questions about buying your first home or moving to a new home, then I’m always here to help. Reach out to learn more about your financing options.