Characreristics of Home Buyers**
- First-time buyers made up 34 percent of all home buyers, a decrease from last year at 35 percent. Sixty-five percent of buyers 37 years and younger were first-time buyers, followed by buyers 38 to 52 years at 24 percent.
- At 34 percent, buyers 37 years and younger continue to be the largest generational group of buyers with a median age of 31. Buyers between the ages of 38 to 52 have the highest household incomes among any other generation at $104,700, followed by buyers between 53 to 62 that had an income at $94,000.
- Sixty-five percent of recent buyers were married couples, 18 percent were single females, seven percent were single males, and eight percent were unmarried couples. The highest percentage of single female buyers was found in the 72 and older age group. The highest share of unmarried couples were found in the 37 and younger age group.
- Thirty-seven percent of all buyers had children under the age of 18 living at home.
- Sixty percent of buyers between 38 to 52 years had at least one child under the age of 18 residing in the home.
- Thirteen percent of home buyers purchased a multi-generational home to take care of aging parents, for cost savings, and because children over the age of 18 are moving back. One in five buyers aged 53 to 62 purchased a multi-generational home. Buyers 72 to 92 years was the second largest share at 17 percent.
- The 38 to 52 age group showed to be the most racially diverse group of buyers in 2017. Twenty-six percent of this group of buyers identified as Hispanic/Latino, black/African American, or Asian/Pacific Islander.
- The most common reasons for recently purchasing a home differed between the generations. For all three groups under the age of 62 years, the main reason for purchasing was the desire to own a home of their own. Among the 63 and older age groups, the desire to be closer to friends and family was the top reason to purchase at 25 percent. Buyers between 72 and 92 years also purchased for the desire for a smaller home at 19 percent.
According the the National Association of Realtors, all generations of buyers continue to consult a real estate agent or broker to help them buy and sell their home. Buyers need the help of a real estate professional to help them find the right home, negotiate terms of sale, and help with price negotiations. Sellers, as well, turn to professionals to help market their home to potential buyers, sell within a specific timeframe, and price their home competitively.
Thinking of selling your Bucks County home?
Before you list your home for sale, call the John McClintock Team at 267‑759‑9518 for no obligation recommendations on pricing and an overview of our comprehensive marketing package that includes, home staging, brokers' open house, virtual tour, video tour and social media sharing.
Browse more than 1,600 single family homes currently For Sale in Bucks County. To arrange private showings, call the John McClintock Team today.
**Source: (text and image)
Home Buyer and Seller Generational Trends Report, 2018
National Association of Realtors® Research Department
Newtown (Bucks County) PA 18940
Broker: 215-860-4200 x518
Copyright © 2018, John McClintock
Information is deemed reliable though not guaranteed.