Single Women Remain Powerful Force in Homebuying Market
Washington, DC, November 2, 2018-Single female buyers continue to be a powerful force in the market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home, according to the National Association of Realtors’ 2018 Profile of Home Buyers and Sellers.
The profile also identifies numerous current consumer and housing trends, including mounting student debt balances; the impact of pets on home buying decisions; increases in down payments for all buyers; the rising age of repeat buyers; and the fact that a vast number of respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low.
“With the lower end of the housing market-smaller, moderately priced homes-seeing the worst of the inventory shortage, first-time home buyers who want to enter the market are having difficulty finding a home they can afford,” said NAR chief economist Lawrence Yun. “Homes were selling in a median of three weeks and multiple offers were a common occurrence, further pushing up home prices. These factors contributed to the low number of first-time buyers and the struggles of would-be buyers dreaming of joining the ranks of homeownership.”
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