Here are some numbers from Minnesota Realtors about homebuyers, who they are, and what they buy. Do you fit the profile? Even if you don’t and would like to buy a house I can help you. 🙂
The “typical” age is listed as 39. I am not sure if that is an average or maybe a median.
It should be noted that the term “first time” doesn’t always mean first time. It can be a person who hasn’t owned a home in the last three years or someone who hasn’t owned a home since they owned one with a spouse. It gets complicated.
The oldest first-time homebuyer I ever worked with was in her early 60s. She never owned a home by herself or with a partner not ever.
The oldest buyers I have ever worked with were almost 80 years old. They were downsizing. The youngest buyer I ever worked with was 19 years old.
Single women buy houses in greater numbers than single males buy them, 11% vs 18%.
The home buyers report also tells us that 75% of Minnesota home buyers bought single-family detached homes. Those buyers searched for an average of 8 weeks and toured 8 homes.
What I don’t see in the report is how many offers they made before one was accepted. I’ll go out on a limb and say 2 to 6 depending upon the price range and the type of financing being used.
There is what I call “financing discrimination” and I will be writing about that soon. It seems that “gifts” are better than “grants” which is just another one of the many ways that generational wealth impacts homeownership
