2017 Real Estate Trends: Who is Buying and Where
New construction homes are gaining in popularity. According to the Zillow Group report on 2017 housing trends, more than half of buyers — 52% — consider new construction homes. The survey reveals homebuyers are drawn to brand new houses because of their desirable location, appealing features, and the fact that everything in the home is new. There’s also something about the idea of being the first to live in a house that draws people.
After searching for the home that best fits their families’ needs, 32% of home buyers choose a newly-built home because they believe it is the best value for the money. Perhaps that’s because they know they can get everything they desire in a new construction home, in the location they want, without sacrificing priorities the way they might have to when considering existing homes.
The majority of buyers also want a house with their preferred number of bedrooms, and their preferred number of bathrooms. Along with air conditioning, those preferences are almost guaranteed with new construction.
New home buyers are more likely to require that their home be in their preferred neighborhood than buyers of existing homes. That makes sense, doesn’t it? After all, you’re less likely to choose to put the effort and expense into building a brand new home in a location you don’t love.
Who are America’s average home buyers? They are young, educated and becoming increasingly more diverse. While the typical buyer is 40 years old, it’s the Millennial Generation, which Zillow defines as between the ages of 18 and 37, that makes up the largest segment of home buyers today. At 70%, a clear majority of home buyers are married or living with a partner.
The suburbs remain a popular destination for all buyers and are home to 45 percent of first-time buyers and 52 percent of repeat buyers.
Zillow also tells us that buying a home doesn’t always mean a big move. Fifty-seven percent of home buyers purchase a house within the same city. In fact, 17 percent don’t even leave their area of town. A smaller group of buyers — 29% — find a home in a different town or city in the same state.
We also know that 79% of homebuyers use the internet to find their homes. Interested in seeing what we have to offer in several desirable communities in southern New Hampshire? Check us out!