Our home represents so many things for us as a society, and it also has a special meaning for each one of us! Buying a home is one of the most important and in many cases the biggest investment we will make in our lifetime.
Recently the National Association of Realtors published their 2016 Profile of Home Buyers and Sellers in which they survey new home buyers and sellers about their most recent transaction. So who are the home buyers and sellers of 2016?
- 27% of first-time home buyers and 15% of repeat buyers identified themselves as non-white/Caucasian
- 7% of first-time home buyers and 2% of repeat buyers reported a language other than English as their primary language.
- by region: 3% Northeast, 3% Midwest, 4% South and 4% West
- 13% of first-time home buyers and 8% of the repeat buyers, reported being born outside of the United States.
- by region: 7% Northeast, 6% Midwest, 11% South and 12% West
Many of the buyers included in the percentages above are members of the Hispanic community. Here is the breakdown of Hispanic Home Buyers and Sellers:
- By region: 3% Northeast, 5% Midwest, 8% South and 9% West
- By adult composition of household: 8% married couple, 5% single female, 7% single man, 4% unmarried couple, 13% other
- Children in home: 11% with children under 18 at home, 4% no children at home
- 9% reported to be first-time homebuyers and 6% repeat buyers
The report does not break down as many statistics about home sellers by race, but here are two numbers they did share:
- Hispanics sellers by region: 2% Northeast, 3% Midwest, 4% South and 9% West
- Sellers that reported a language other than English as their primary language by region: 1 % Northeast, 2% Midwest, 2% South and 1% West
Whether you are thinking of buying or selling, and get a new home, take advantage of the historically low interest rates available right now. Contact a local real estate professional today and discuss your options for obtaining your most important asset, your home!