More home buyers chose existing homes over new homes, the National Association of Realtor’s 2014 Profile of Home Buyers and Sellers reports.
The NAR annually conducts this survey of recent home buyers and sellers to provide insight into their experiences with the home buying and selling transaction.
This year’s report documented 33 percent of home buyers in 2014 were first time buyers, below the 40 percent historical average.
Existing homes had a greater share of sales than new homes, which only made up 16 percent of all recent home purchases. Those that purchased new homes reported that they wanted to “avoid renovations or problems with plumbing and electrical.”
Buyers of previously owned homes chose to do so because of a “better price and overall value,” and the “charm and character their home provides.”
Read the report at Realtor.org.
Related Stories
Peppermill Finish
NAHB: Remodelers Face Challenges and Opportunities
Remodelers face a uniquely strong market yet remain challenged by codes and costs
NAHB Announces Action Plan for Housing Affordability
Six of the proposed 10 action items are important to residential remodelers
Metros with the Highest and Lowest Remodel ROI
First-time homebuyers can find fixer-upper listings priced between 5 to 10% lower than move-in ready homes. The high return on investment of these projects shows that remodeling remains a strong option to navigate the current housing market
What the Most Successful Remodelers are Doing Right Now
Industry advisor Mark Richardson shares the answers to his three most asked questions: What's the remodeling market like? What are other remodelers doing? How do I measure up?
Harvard Says Remodeling Spending Downturn to Slow
Could the drop in remodeling spending from post-COVID levels regulate soon?
How to Increase Your Odds of Closing Remodeling Sales
Use these tips to hone your sales process and grow close ratio
The Remodeling Market Could Turn in Q4, Says Harvard
Repair and remodeling spending could see an uptick at the end of the year
How to Communicate with Today's Cautious Remodeling Client
Amid economic skepticism, Americans continue to spend. Now, how can you get them to spend on remodeling?