June is National Homeownership Month!
June has been designated as National Homeownership Month, and this topic is near to our hearts at Coldwell Banker Wallace because it's such an important part of what we do. We've been guiding East Tennessee home since 1936 and it is our honor to play a role in this journey for our clients.
As we all experienced during the COVID-19 pandemic, home is an important place. More than ever before for many of us, home became our workplace, our children's school, a safe haven and a place to live and relax.
According to the National Association of Home Builders (NAHB), most Americans consider homeownership to be the single best long-term investment. A primary residence was named as the largest asset among households, across age groups (from a 2019 study).
But we understand that home is so much more than a financial investment. Through all life's ups and downs, owning a home can provide a sense of pride, accomplishment, social stability and peace of mind.
Nearly 20 percent of the economy in the U.S. is dependent on housing. Did you know the construction of 1,000 single-family homes creates 2,900 full-time jobs across all U.S. industries, as well as contributing $80 million in wages and more than $56 million in federal, state and local tax revenues and fees.
Check out these stats from NAR's 2020 Profile of Home Buyers & Sellers:
Characteristics of Home Buyers
- First-time buyers made up 31% of all home buyers, a dip from last year’s 33%.
- The typical buyer was 47 years old this year, and the median household income for 2019 rose again this year to $96,500.
- 12% of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- 18% of recent home buyers were veterans and 2% were active-duty service members.
Characteristics of Homes Purchased
- Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 44%.
- Buyers who purchased previously-owned homes were most often considering a better overall value at 35%.Home prices increased slightly this year to a median of $272,500 among all buyers.
- Buyers typically purchased their homes for 99% of the asking price.
- The typical home that was recently purchased was 1,900 square feet, had three bedrooms and two bathrooms, and was built in 1993.
- Heating and cooling costs were the most important environmental features for recent home buyers, with 83% ﬁnding these features at least somewhat important.
Home Buying and Real Estate Professionals
- 88% of buyers recently purchased their home through a real estate agent or broker, and 6% purchased directly from a builder or builder’s agent.
- Having an agent to help them ﬁnd the right home was what buyers wanted most when choosing an agent at 51%.73% of buyers interviewed only one real estate agent during their home search.
- 91% of buyers would use their agent again or recommend their agent to others.