Meet Your Neighbors! Do you fit the profile of the average Main Line home buyer? Let’s find out!
So many people are buying homes, and why not? Mortgage rates are at record lows, the job market is great, especially on The Main Line, but who are the buyers right now and will you fit in, if you choose to move? Hi, I’m Kimmy Rolph and these are valid questions that I personally understand. I lived in LA and chose to move back to my home town of Gladwyne, when I had a family. The Main Line is really an amazing place to live with culture, education, and access to the best of the big cities. But you want to know about your neighbors and who is buying now.
Luckily NAR recently, published its’ profile of buyers and sellers and this gives you a good idea of who is buying and who is selling right now. Here are the top characteristics.
One, tenure of home has dropped the lowest in 11 years. What does this mean? It means that buyers are not staying in homes longer than the average 6-7 years. Whether they marry, divorce, or have more kids, homes are being sold sooner.
Two. The proximity of friends and family was the number one motivator to moving closer and to a larger home, who wouldnt want to be close to friends and family, especially as hybrid work models are becoming a norm?
Three. Sellers are getting asking prices and buyers are coming with cash. This has been a trend for awhile now, but we are really seeing a lot more options in financing where rates are higher for cash. Buyer offers need to be very competitive, and if you are financing, the downpayment needs to be substantial.
Four. This is the most exciting for me, first time home buyers are at an all time high since 2017. We are seeing so many people buying their first homes, lots of millennials, and especially on the Main Line, your neighbors are going to be younger!
Five, this is one of the more interesting stas and that is the proportion of female and single buyers. At its’ height, 81% of home buyers were married, while this year’s the report shows just 60% were married. There has been a growth in single female home buyers from a recent low of 15% in 2015 to 19% in this year’s report. Unmarried couples and single men remained steady at 9% each. Among first-time buyers only 50% are married, 20% are single women, 17% are unmarried couples, and 11% are single men.
Lastly, whether you are single or married, with or without kids, everyone is using an agent to purchase their home. Eighty-seven percent of buyers used a real estate agent to purchase their home, 7% used a builder’s agent, and just 4% purchased from the previous owner. Sixty percent of buyers used an agent that was referred to them or they had used before to purchase and buyers are most satisfied with their agent’s knowledge of the purchase process, responsiveness, and honesty, and integrity.
I am a buyers agent who has all of these qualities, just look at my reviews! If you are considering buying or selling on The Main Line, I would love to help. Let’s take this next step together!
