{"id":20062,"date":"2022-02-11T16:02:15","date_gmt":"2022-02-11T16:02:15","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20062"},"modified":"2022-02-11T16:02:17","modified_gmt":"2022-02-11T16:02:17","slug":"buyers-purchasing-older-homes","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-purchasing-older-homes\/","title":{"rendered":"Buyers Purchasing Older Homes"},"content":{"rendered":"\n

Buyers Purchasing Older Homes<\/p>\n\n\n\n

Homes in America are getting older. With new construction activity having declined for more than two decades, buyers are purchasing older homes. In 2021, the typical home purchased was built in 1993\u201428 years ago\u2014according to new research from the National Association of REALTORS\u00ae. For comparison, in 2011, the typical home purchased was also built in 1993, suggesting that year was when home construction started to slow and the gap began to widen. <\/p>\n\n\n\n

The younger the buyer, the older the home purchased. \u201cYoung buyers are more likely to feel the financial pressure of rising home prices and the lack of affordable inventory are more willing to buy a fixer-upper,\u201d says Jessica Lautz, NAR\u2019s vice president of demographics and behavioral insights.<\/p>\n\n\n\n

Twenty-three percent of first-time home buyers said they compromised on the condition of the home they purchased. They may have felt the need to compromise to find the best location, size, and price for a home.<\/p>\n\n\n\n

Eleven percent of young millennials\u2014between the ages 22 and 30\u2014purchased a previously owned home as a fixer-upper, compared to just 3% of buyers over the age of 66, Lautz says. Repeat buyers are more likely to purchase newer homes that need less TLC, using the home equity from their previous home to stretch their budgets.<\/p>\n\n\n\n

\"A<\/figure>\n\n\n\n

Source:\u00a0\u201cWith an Aging Housing Stock, What Are Buyers Purchasing?<\/a>\u201d National Association of REALTORS\u00ae Economists\u2019 Outlook blog (Feb. 8, 2022)<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Buyers Purchasing Older Homes Homes in America are getting older. With new construction activity having declined for more than two decades, buyers are purchasing older homes. In 2021, the typical home purchased was built in 1993\u201428 years ago\u2014according to new research from the National Association of REALTORS\u00ae. For comparison, in 2011, the typical home purchased … <\/p>\n

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