Homeownership is still the American dream, according to 84% of Americans. While the number of potential first-time homebuyers consistently hovers above 30%, it’s safe to say that the business of real estate tends to run in cycles. At any given moment inventory can fluctuate, interest rates can tick up or down, and sales can be very slow (or strong!) for a year… or two. Luckily, real estate is also a local business, where no two market conditions are identical so a real estate pro’s biggest strength comes in knowing what’s fueling or stalling your local market:
- How many homes were sold last month? Last year?
- What are average housing prices?
- Are homes for sale that a buyer can afford and wants to purchase?
- What are the financing options available?
- What basic factors shape the local economy?
- How many agents are operating in my market?
- Is this a sellers or buyers market?
By working to understand the local real estate market and the industry as a whole, you improve your chances of success. We all know it’s a GREAT time to be a seller! But it’s important to also consider a buyer’s position. In their annual Aspiring Home Buyer Profile, the National Association of REALTORS® developed a profile of non-homeowners and surveyed their current living situation and outlook on homeownership. New data shows that:
Non-homeowners’ lifestyle changes and improvements in their financial situation outweigh seeing their rent increase as the main motivators for deciding to buy a home.
Check out some of the other key findings of this report below. Remember, better insights into the minds of potential clients can help you better serve them and create lifelong relationships!
Key Findings: 2018 Aspiring Home Buyer Profile
Some key findings from this year’s non-homeowner respondents include:
- Eight in 10 of non-owners view homeownership as a part of their American dream
- 82% expressed a desire to own a home
- 32% viewed the main reason for buying is due to lifestyle changes:
- Family planning
- Employment changes
- Affordability remained the main reason for non-owners not owning a home
By putting in the effort to truly know the local market and the overall industry trends influencing the business of real estate, real estate pros immediately gain the competitive advantage needed to survive each cycle of real estate; weak or strong. Homeownership is still craved by millions of Americans, and it’s your expertise that can connect them to their dreams.