Report: The younger the buyer, the older the home
With the steep decline of residential construction over the last decade, home buyers are purchasing older homes than before. According to a new report from the National Association of Realtors, the typical home purchased last year was built in 1993. These 28-year-old homes are often in need of repairs or renovation, making them more affordable to first-time buyers.
“Young buyers are more likely to feel the financial pressure of rising home prices and the lack of affordable inventory [and] more willing to buy a fixer-upper,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights.
Nearly a quarter of first-time buyers say they compromised on the condition of the home their purchased to save money and move to a location they preferred.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
“Young buyers are more likely to feel the financial pressure of rising home prices and the lack of affordable inventory [and] more willing to buy a fixer-upper,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights.
Nearly a quarter of first-time buyers say they compromised on the condition of the home their purchased to save money and move to a location they preferred.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.