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Recent Trends in Shopping for a Home

Recent Trends in Shopping for a Home
Jul 27, 2020 07:00 AM

By: PRMI

Primary Residential Mortgage, Inc. wants to keep you up to date with everything about the homebuying process. These stats from a recent report tell you about people buying homes and what to expect from the experience.

*Note: The data in this report references a survey taken of homebuyers who purchased their home between July 2018 and June 2019.

Who’s buying homes?

Millennials bought more homes than any other generational classification, while the 40 to 54 age range had the most racially diverse group of homebuyers. Married couples made up 61% of homebuyers, making them the largest relationship demographic buying homes.

35%

of buyers had children under 18 living with them.

33%

of all homebuyers were first-timers homebuyers.

If you’re ready to buy a home, PRMI can help with the financing. We offer a variety of loan products so we can find the one that suits you.

What homes are they buying?

87%

of homebuyers purchased previously owned homes.

83%

of homes purchased were detached single-family homes.

12%

of homebuyers bought multigenerational homes.

Average Home Bought

  • 1,850 square feet
  • 3 bedrooms
  • 2 bathrooms
  • Was built in 1990

How did they finance those homes?

>85%

of homebuyers used financing.

60%

of people saved for a down payment.

38%

of people used money from selling their previous home to make a down payment.

62%

of homebuyers financed using conventional loans.

When you’re ready to talk financing, give PRMI a call. We can help you sort through a variety of financing options, from traditional and adjustable rate loans to VA, FHA and USDA loans. We even offer financing options with no down payment.† Let us help you finance your home.

† Closing costs and fees may still apply.

How was their homebuying process?

Most homebuyers searched online for available properties as their first step. Finding the right home generally took about 10 weeks. On average, homebuyers viewed nine homes during the shopping process. More than half of the homebuyers said finding the right home was the hardest part.

>84%

of buyers searched for homes online.

89%

of homebuyers used an agent.

While these stats show you a little about what to expect while house hunting, we know you may have questions about home financing. Your local PRMI Loan Officer can walk you through the financing side of the process and answer any questions you have.

If you’re ready to buy a home, have questions about the process or want to learn about trends in your area, contact your local PRMI Loan Officer.

*Source: 2020 Home Buyers and Sellers Generational Trends Report National Association of REALTORS® Research Group March 2020

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