- The study revealed that 67% of sales were for primary homes, with 13% of sales going to vacation homes and 20% of sales for real estate investment.
- The survey also revealed that while interest rates are going down, the average household income is increasing. This is excellent news for the real estate market in years to come.
- Ownership rates for people under 40 years of age have been dropping, and continues to do so. It's decreased from 50% to 33%, but we expect that this will only create a lot of pent-up demand in years to come because rent prices are often higher than a monthly mortgage.
- Furthermore, 73% of buyers think getting a mortgage would be impossible under current conditions. We see this as an opportunity for agents to educate people about how truly easy it is to qualify for a home loan.
- Multi-generational households seem to be forming more frequently as well, with children moving and grandparents as well.
Today we wanted to share some highlights from a report done by the National Association of Realtors. We've always thought the most important part about real estate is knowing your buyers and sellers very well, and this report goes into detail about their behaviors and activities.
Quite frankly, there is too much information in this report to discuss in one video, so we invite you to join us again in the future where we will divulge even more information to you.
In the meantime, click here to read the entire report.
In the meantime, click here to read the entire report.
Thanks for tuning in again. Please contact us if you have any questions for us in regards to this report. We would be pleased to discuss it with you!
