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Today’s Buyers Are Serious about Purchasing a Home

Tuesday, August 4, 2020   /   by Teresa Ryan

Today’s Buyers Are Serious about Purchasing a Home

Today’s homebuyers are not just talking about their plans, they’re actively engaged in the buying process – and they’re serious about it. A recent report by the National Association of Home Builders (NAHB) indicates:

“…. Of American adults considering a future home purchase in the second quarter of 2020, about half (49%) are not simply planning it, they are actively engaged in the process to find a home. That is a significantly higher share than the comparable figure a year ago (41%), which suggests that the COVID-19 crisis and its accompanying record-low mortgage rates have converted some prospective buyers into active buyers.”
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It’s no surprise that buyers are out in full force today. Many Americans now need more space to work from home, and the current low mortgage rates are providing an extra boost of motivation to enter the housing market.


It’s no surprise that buyers are out in full force today. Many Americans now need more space to work from home, and the current low mortgage rates are providing an extra boost of motivation to enter the housing market.

“Of Millennials planning a home purchase in the next year, 57% are already actively searching for a home.”


Odeta Kushi, Deputy Chief Economist at First American, explains:

“When breaking down house-buying power by educational attainment for millennials in 2019, we find that the higher the education, the higher the household income, and the higher the house-buying power. In 2019, median house-buying power for millennials increased 16 percent relative to 2018.”


As demand for homes to buy grows and more millennials enter the market with growing buying power, the opportunity to sell your house grows too.


Bottom Line

Today’s buyers are serious ones and more millennials are helping to fuel that charge. So, if you’re considering selling your home, let’s connect today to determine your next steps in the process while buyers are actively looking.


Call Teresa Ryan at 630-718-0424 today, for your home buying and selling needs in Naperville and the Western Suburbs of Chicago. For inquiries, please call 630-276-7575.
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Ryan Hill Group - Century 21 Affiliated
Teresa Ryan
1288 Rickert Dr, Ste 300
Naperville, IL 60540
630-276-7575
630-718-0424

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