Home buyer demographics and buying behavior change slightly from year to year due to macroeconomic factors ranging from the health of the economy to inflation to the global trade on oil prices. The National Association of REALTORS® recently released its 2015 Profile of Home Buyers and Sellers report and there are some interesting new trends emerging this year.
One of the most fascinating is that in almost every region of the United States, buyers are trading up and buying bigger homes than last year. According to the new report, 42% of all buyers traded up in the size of their home, up from 40% in 2014. In the 2014 report, buyers reported that they were looking for homes similar in size at 31% compared to 29% in 2015. Regionally, the percentage of buyers looking for larger homes increased across the board.
One reason for this shift in purchasing power is that buyers are entering their purchase with more equity from the sale of their previous home. Since the housing downturn in 2010, many homes were worth less than their mortgages. Over the last several years, home prices have been rising. In 2014, 17% reported waiting or stalling to sell their home, which dropped to 13% in 2015. Sellers also reported that they sold their homes for a median of $40,000 more than they purchased it, up from $30,100 in 2014. The most common reason for selling a home in 2015 was that the home was too small at 16%.
Finally, we see the trend emerging where repeat buyers have been able to sell their homes at a higher price in order to trade up and purchase larger homes.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
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