Las Vegas Market Watch

TODAY'S BUYERS ARE SERIOUS ABOUT PURCHASING A HOME

August 04, 2020
By Eric Halberg, CPRES, SRES
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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.”

Share of Today's Buyers Actively Trying to Buy a Home

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.

If you’re considering selling your house, know that today’s buyers are serious about making a move. Your opportunity to sell your house in a market with high demand is growing, especially as more millennials enter the housing market too. The same report also notes:

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.

"House Fund"-labeled glass jar filled with coins

Bottom Line

Today’s buyers are serious ones and millennials are helping to fuel that charge. So, if you’re considering selling your home, reach out to a local real estate professional to determine your next steps in the process while buyers are actively looking.
The information contained created by Keeping Current Matters, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. and Agent Formula do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Agent Formula and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

August 04, 2020
By Eric Halberg, CPRES, SRES