Homebuyers: Insights from the 2023 Profile
We believe in empowering our clients with knowledge that enhances their journey in real estate. The recently released 2023 Profile of Home Buyers and Sellers, conducted by the NAR®, offers a fascinating glimpse into the trends shaping the real estate market. Let's unpack some key insights!
First-time buyers constituted 32% of all purchases, signaling a notable increase from the previous year. While still below the historical average, this increase reflects growing interest and opportunity in entering the housing market.
A significant 26% of buyers pursued homeownership driven by the desire just to have a place of their own. Among first-time buyers.
The typical age of first-time buyers decreased to 35 years old, while repeat buyers saw a slight decline to 58 years old. Among recent buyers, married couples represented 59%, with single females at 19%, single males at 10%, and unmarried couples at 9%, highlighting diverse household compositions.
In conclusion, the 2023 Profile of Home Buyers reveals a dynamic landscape marked by increasing opportunities for first-time buyers! At Dwell Collective, we are committed to helping our clients navigate these trends and make informed decisions. For deeper insights and expert guidance, be sure to explore the full article and connect with us!
