“A lot of them are compromising from the dream of owning a townhome or single-family home and going to a condominium,” explained Monteiz Dash, realtor at Keller Williams United – Alexandria/Kingstowne. “More people who are buying houses now are already established in the market.”
New research from the National Association of Realtors (NAR) shows the average first-time homebuyer is 35 years old. In 1981, when NAR started tracking homebuyers, the average first-time homebuyer was 29.
This year’s typical repeat buyer was 58. In 1981, the typical repeat buyer was 36.
“It’s taking people longer in life to be able to build up their financials and be able to compete against buyers in low inventory and be able to enter the home buying game,” explained Matt Christopherson, NAR’s Director of Business and Consumer Research.
Approved – Sully
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