TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by...

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TEXAS HOMEBUYERS AND SELLERS REPORT 2019 Edition

Transcript of TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by...

Page 1: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

TEXAS HOMEBUYERS AND SELLERS

REPORT2019 Edition

Page 2: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

ABOUT THE TEXAS HOMEBUYERS AND SELLERS REPORTData from the 2019 edition of the Texas Homebuyers and Sellers Report is derived from the 2018 Texas Profile of Homebuyers and Sellers by the National Association of REALTORS®, which analyzes survey data among Texans who bought or sold a home between July 2017 and June 2018. Texas REALTORS® distributes insights about the Texas housing market throughout the year, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends and more. To view the Texas Homebuyers and Sellers Reportin its entirety, visit texasrealestate.com.

ABOUT TEXAS REALTORS® With more than 125,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.

MEDIACONTACTHunter DodsonPierpont [email protected]

Page 3: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

EXECUTIVE SUMMARYA report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions of Texas homebuyers and sellers. The 2019 edition of the Texas Homebuyers and Sellers Report offers details about real estate consumers’ income, ethnicity, age, and perceptions of the homebuying and selling processes.

Just over half of Texas homebuyers surveyed said that finding the right property to purchase was one of the most difficult parts of the process.

Among those who bought newly built homes, the top reason for doing so was to avoid renovations or plumbing and electrical problems. Buyers who purchased previously owned homes mentioned value and price as their primary motivating factors.

The median age of Texas homebuyers was 47, unchanged from the previous year. The median age of first-time buyers was 32. Nearly one-third of all buyers were first-timers. The majority of Texas homebuyers (68%) were married couples, followed by single females at 15%, single males at 9%, and unmarried couples at 5%.

Thirteen percent of homebuyers identified as Hispanic, with 7% black/African-American, and 4% Asian. Approximately three-quarters identified as white/Caucasian.

On the selling side of the transaction, the most popular reason for putting a home on the market was to move closer to friends or family, cited by 22% of respondents. Job relocations came in at 17%, while another 8% of sellers wanted to move closer to a current job.

Sellers spent a median of 10 years in their homes. The median sales price was $70,000 higher than what sellers paid for their homes. The median length of time a seller’s home spent on the market was four weeks.

Consumer satisfaction with REALTORS® was high, with 89% of buyers and 85% of sellers saying they would definitely or probably recommend their agent to others or use their agent again.

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

Page 4: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

HOMEBUYERS IN TEXAS VS. HOMEBUYERS IN U.S.

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

Page 5: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

FIRST TIME VS REPEAT HOMEBUYERS

61%

15%

13%

7%

4%

Married Couple Single FemaleSingle Male Unmarried CoupleOther

First-Time Homebuyers in Texas

54%

18% 10%

16%

2%

Married Couple Single FemaleSingle Male Unmarried CoupleOther

First-Time Homebuyers Nationally

Repeat Homebuyers in Texas Repeat Homebuyers Nationally

70%

15%

8%4%3%

Married Couple Single FemaleSingle Male Unmarried CoupleOther

67%

18%

8%

5%

2%

Married Couple Single FemaleSingle Male Unmarried CoupleOther

Page 6: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

HOMEBUYER CHARACTERISTICS

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

0%

20%

40%

60%

80%

100%

All Buyers Married Couple Single Female Single Male UnmarriedCouple

7% 6%8% 7% 6%

4% 6% 4%4% 0%

13%10% 10%

15% 13%

74% 77% 75% 73%81%

3% 0% 4% 4% 0%

Black / African-American Asian / Pacific Islander Hispanic / Latino White / Caucasian Other

Ethnicity & Household Composition of Texas Homebuyers

0%

20%

40%

60%

80%

100%

All Buyers Married Couple Single Female Single Male UnmarriedCouple

5% 4%8% 5% 5%5% 6% 2% 2% 4%

7%7%

6% 7% 12%

83% 84% 83% 84% 81%

3% 3% 3% 3% 4%

Black / African-American Asian / Pacific Islander Hispanic / Latino White / Caucasian Other

Ethnicity & Household Composition of Homebuyers Nationally

Page 7: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

HOMEBUYER CHARACTERISTICS

49%

40%

8%

2%

0% 10% 20% 30% 40% 50% 60%

Prior Living Arrangement for Texas Homebuyers

49%

37%

12%

2%

0% 10% 20% 30% 40% 50% 60%

Prior Living Arrangement for Homebuyers Nationally

Rented the home ultimately purchased

Lived with parents, relatives or friends

Rented an apartment or house

Owned previous home

Rented the home ultimately purchased

Lived with parents, relatives or friends

Rented an apartment or house

Owned previous home

Page 8: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

AGE OF HOMEBUYERS TEXAS vs. NATIONALLY

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

0%

10%

20%

30%

40%

50%

60%

All Buyers First-Time Buyers Repeat Buyers

2%6%

0%

23%

59%

8%

19%14%

21%17%

8%

21%15%

8%

24%

5% 4%

20%19%

1%6%

18-24 years 25-34 years 35-44 years 45-54 years 55-64 years 65-74 years 75 years or older

Age of Homebuyers in Texas

Age of Homebuyers Nationally

0%

10%

20%

30%

40%

50%

60%

All Buyers First-Time Buyers Repeat Buyers

2%6%

0%

24%

54%

10%

22% 23% 21%15%

8%

18%18%

6%

23%15%

3%

20%

5%0%

7%

18-24 years 25-34 years 35-44 years 45-54 years 55-64 years 65-74 years 75 years or older

Page 9: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

HOMEBUYING PROCESS

of Texas homebuyers said finding the right property was the most difficult part of the homebuying process.

51%

TEXASof homebuyers in the U.S.

said finding the right property was the most difficult part of the homebuying process.

56%

U.S.

of Texas homebuyers would recommend or work with their REALTOR® again.

89% of national homebuyers would recommend or work with their REALTOR® again.

90%

Median amount of student loan debt among Texas homebuyers.

$39,500 Median amount of student loan debt among homebuyers in the U.S.

$28,000

of Texas homebuyers stated their primary reason for purchasing a home was the desire to own a home of their own.

26% of homebuyers nationally stated their primary reason for purchasing a home was the desire to own a home of their own.

29%

Page 10: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

MOTIVATIONS FOR BUYING A HOME

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

5%

14%

23%

24%

29%

41%

0% 10% 20% 30% 40% 50%

Motivations for Buying a New Home in Texas(Percent of Respondents)

8%

14%

24%

30%

35%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Motivations for Buying a Previously Owned Home in Texas(Percent of Respondents)

Better overall value

Better price

More charm and character

Other

Lack of inventory of new homes

Avoid renovations or problems with plumbing or electricity

Amenities of new home construction communities

Ability to choose and customize design features

Green/energy efficiency

Other

Lack of inventory of previous owned homes

Page 11: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

HOME SELLERS IN TEXAS VS. HOME SELLERS IN U.S.

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

Page 12: TEXAS HOMEBUYERS AND SELLERS REPORT · 2019-04-18 · EXECUTIVE SUMMARY A report released today by Texas REALTORS® provides insights into the demographics, motivations, and opinions

TEXAS HOMEBUYERS AND SELLERS REPORT | 2019 EDITION

MOTIVATIONS FOR SELLING A HOME

22%

17%

8%

6%

6%

0% 5% 10% 15% 20% 25%

Top 5 Reasons for Selling Previous Home in Texas

15%

14%

13%

10%

9%

0% 5% 10% 15% 20%

Top 5 Reasons for Selling Previous Home Nationally

Moving due to retirement

Change in family situation

Want to move closer to current job

Job relocation

Want to move closer to friends or family

Neighborhood has become less desirable

Home is too large

Job relocations

Want to move closer to friends or family

Home is too small