Who is really out there looking into buying a home today?
The media keeps building up hype about fierce bidding wars over homes for sale, and we know that real estate investors have made a comeback in a big way, but as an investor or real estate agent you’ve got to know who the major forces are in the market.
Surprisingly it’s not just hardcore investors and flippers, the ultra-rich looking for new luxury vacation pads, or retirees downsizing. According to a new survey, young first time home buyers are wading in with confidence to scoop up houses even before getting married.
The data reveals that while only 14% of those aged 45 and older purchased a home before getting married, 1 out of 4 young couples between 18 and 34 are taking the leap. So why are more people buying a home before tying the knot?
Previous surveys have shown that singles who own their own homes make for more attractive mates than renters or those living with mommy and daddy. Plus with 80% of survey respondents saying that buying a home together “strengthened their bond”, it seems that it now proves commitment even more than a diamond ring or quoting vows.
Given current housing market conditions, buying a home is certainly a smart wealth building move and with couples most often arguing about finances, perhaps the sooner you buy the more likely you are to stick together.
For many real estate investors and real estate agents this provides a big wakeup call and signals a need for tweaking marketing. Perhaps start targeting markets like San Diego, CA where singles and young couples are bountiful. For home buyers it gives more insight into who your competition is.