2020 Home Buyer Trends (NAR)
According to the Census Bureau’s Housing Vacancy Survey (HVS), the USA home ownership rate reached 65.3% in the 1st quarter of 2020 vs 64.2% in 2019. It increased! Go figure!
First-time buyers made up 33% of all home buyers, the same as last year. Fifty two percent of buyers 30 to 39 years and 88% of buyers 29 years and younger were first time home buyers. Following 23% of buyer 40 to 54 years were also first time home buyers.
At 25%, buyers 30 to 39 continue to be the largest generational group of buyers with a median age of 34, followed by buyers 40 to 54 and 23% awith a median age of 47.
Recent buyers were categorized as following: married couples = 61%, unmarried couples = 13$ single females = 17%, and single male = 9%
I’d be curious to see how things shake out in 2nd quarter of 2020 after COVID-19. Some sellers got jittery as did some buyers. My guess is that sales will be down compared to same quarter last year. We shall see.
Source: National Association of Realtors. For the complete report go to: Home Buyer and Seller Generational Trends
Sequoyah Market Update Feb 27, 2020
Happy New Year 2020! I trust you are doing well.
2019 4th Quarter: Though homes took a little longer to sell, the inventory was stable, and prices went up by $50,000. One of the most important things right now in 2020 are the low interest rates, which appear to be staying low. With low interest, buyers have power to compete for sellers’ homes.
If you plan to sell this year, or have to sell now, let’s talk sooner (now!) rather than later. You’ve seen me around as I live in the neighborhood.
ADDRESS | Beds | Baths | Home SF | Lot SF | Days | Sold Price |
8101 Coach Dr. | 5 | 3 | 3,010 | 15,876 | 13 | $1,450,000 |
10370 Greenview Dr. | 4 | 3.5 | 3,580 | 20,980 | 14 | $1,260,000 |
4451 Saint Andrews Rd. | 4 | 3 | 4,020 | 28,150 | 27 | $1,160,000 |
7930 Surrey Ln. | 4 | 2.5 | 2,348 | 15,000 | 15 | $1,140,000 |
8239 Skyline Circle | 4 | 2.5 | 2,350 | 6,656 | 21 | $1,100,000 |
7921 Surrey Ln. | 3 | 2 | 2,001 | 9,072 | 22 | $930,000 |
61 Sequoyah Rd. | 3 | 2 | 1,666 | 7,812 | 12 | $925,000 |
7840 Hansom Dr. | 4 | 2.5 | 2,136 | 9,600 | 150 | $880,000 |
9774 Burgos Ave. | 4 | 2 | 1,499 | 7,980 | 14 | $835,000 |
3910 Oak Hill Rd. | 3 | 2 | 1,762 | 9,750 | 20 | $730,000 |
Average | 3.8 | 2.5 | 2,432 | 13,088 | 31 | $1,041,000 |