Real estate website Zillow published a new report on the latest consumer housing trends. Below are highlights from the study’s key findings on buyers, sellers, and homeowners:
Buyers
• Millennials comprise the single largest share of all buyers and largest segment of first-time buyers.
• 46% of buyers are purchasing their first home.
• Buyers rely on a combination of online tools and agents to find their homes.
• Trustworthiness is the top quality buyers seek in an agent.
• 76% of buyers include contingencies in their offer, and 52% put down less than 20% of their home price.
Sellers
• Millennials are the largest segment of sellers.
• 53% of sellers are first-time home sellers, and 61% of sellers are trying to locate a new home at the same time they are selling.
• 85% of sellers work with agents, and trustworthiness is the top quality sellers consider when choosing their agent.
• 83% of sellers make concessions to finalize an offer.
• 61% of sellers make at least one change to their original list price.
Homeowners
• Home equity is the largest financial asset for the typical American homeowner.
• 59% of homeowners are still paying off their mortgage.
• 45% of homeowners still reside in the first home they bought.
• The average homeowner made 1.7 home improvements in the past year. 63% of homeowners say they fix problems as they arise.
• 83% of homeowners say they love their homes.
Read the full report here.
Interested in buying or selling your home? All members of the Carolyn Homes team are native Washingtonians with an unmatched level of expertise on the metro DC real estate market. Let us help you with all of your real estate needs – call Carolyn today at (240) 353-7601!