TEXAS HOMEBUYERS SELLERS REPORT · PDF file 2018-04-09 · international trends and...

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Transcript of TEXAS HOMEBUYERS SELLERS REPORT · PDF file 2018-04-09 · international trends and...

  • TEXAS HOMEBUYERS SELLERS REPORT

    2018 Edition

    &

  • ABOUT THE TEXAS HOMEBUYERS & SELLERS REPORT Data from the 2018 edition of the Texas Homebuyers and Sellers Report is derived from the 2017 Texas Profile of Homebuyers and Sellers by the National Association of REALTORS®, which analyzes survey data from Texans who bought or sold a home between July 2016 and June 2017. The Texas Association of 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 Report in its entirety, visit texasrealestate.com.

    ABOUT THE TEXAS ASSOCIATION OF REALTORS® With more than 114,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit texaseealestate.com to learn more.

    MEDIA CONTACT Morgan Moritz Pierpont Communications [email protected] 512.448.4950

    TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

  • EXECUTIVE SUMMARY The 2018 edition of the Texas Homebuyers and Sellers Report revealed a greater ethnic diversity among buyers and sellers. The report also showed growing affordability challenges despite higher median household income. Among all Texas homebuyers, 14 percent identified as Hispanic, 8 percent identified as African-American (an increase of 3 percentage points from the 2017 report) and 7 percent identified as Asian (an increase of 3 percentage points). Median household income for Texas homebuyers increased from $94,200 to $101,400. Nationally, the median income for homebuyers was $88,800. The median home price paid among Texas homebuyers was $259,500. The median age of first-time buyers increased one year to 33 years old, while the median age of Texas home sellers increased for the fourth straight year to 47 years old. The percentage of all Texas homebuyers who are single decreased from the 2017 report, with single female homebuyers falling 3 percentage points to 16 percent, and single male buyers dropping 1 percentage point to 8 percent of all Texas homebuyers. The proportion of married Texas homebuyers increased 2 percentage points to 68 percent. The following infographics dive deeper into the characteristics, motivations, challenges, and preferences among Texas homebuyers and sellers.

    TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    47 Years Old Median age of homebuyer

    19% Homebuyer or spouse is active duty military or a veteran

    $101,400 Median household income

    32%

    8 Weeks Median length of time buyer spent searching for a home

    15% Purchased a home for a multi- generational family due to aging parents or children over 18 living at home

    11% Buyers over 50 years old who purchased senior-related housing

    10 Years Expected length of tenure in home

    10 Homes Median number of homes viewed during search process

    34% Purchased a new home

    First-time homebuyers

    45 Years Old Median age of homebuyer

    21% Homebuyer or spouse is active duty military or a veteran

    $88,800 Median household income

    34%

    10 Weeks Median length of time buyer spent searching for a home

    13% Purchased a home for a multi- generational family due to aging parents or children over 18 living at home

    13% Buyers over 50 years old who purchased senior-related housing

    15 Years Expected length of tenure in home

    10 Homes Median number of homes viewed during search process

    15% Purchased a new home

    First-time homebuyers Texas U.S.

    HOMEBUYERS IN TEXAS VS. HOMEBUYERS IN U.S.

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    0%

    20%

    40%

    60%

    80%

    All Buyers Married Couple Single Female Single Male Unmarried Couple

    8% 7%

    16% 7% 9% 7%

    8% 3%

    4% 4%

    14% 11% 12% 26% 30%

    73% 77% 71% 59%

    52%

    3% 2% 3% 4% 4%

    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 Unmarried Couple

    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

    HOMEBUYER CHARACTERISTICS

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    Lived with parents,

    relatives or friends and paid rent

    5% Lived with parents,

    relatives or friends and

    did not pay rent

    5%

    Owned previous

    residence 50%

    Rented an apartment or house

    40% Prior Living Arrangement

    Prior Living Arrangement for Texas Homebuyers

    Rented an apartment or house

    40%

    Owned previous

    residence 47%

    Lived with parents,

    relatives or friends

    and paid rent 6%

    Lived with parent,

    relatives or friends and did not pay

    rent 6%

    Prior Living Arrangement

    Prior Living Arrangement for Homebuyers Nationally

    HOMEBUYER CHARACTERISTICS

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    FIRST-TIME VS. REPEAT HOMEBUYERS

    Married Couple

    63%

    Single Female

    14% Single Male 8%

    Unmarried Couple

    14%

    Other 1%

    First-Time Homebuyers

    in Texas

    Married Couple

    71%

    Single Female

    17% Single Male 7%

    Unmarried Couple

    3%

    Other 2%

    Repeat Homebuyers

    in Texas

    Household composition

    Married Couple

    57%

    Single Female

    18% Single Male 7%

    Unmarried Couple

    16%

    Other 2%

    First-Time Homebuyers

    Nationally

    Married Couple

    69%

    Single Female

    17% Single Male 7%

    Unmarried Couple

    4%

    Other 2%

    Repeat Homebuyers

    Nationally

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    18-24 1%

    25-34 25%

    35-44 20%

    45-54 15%

    55-64 19%

    65-74 14%

    75+ 5%

    Age of Homebuyers in

    Texas

    18-24 2%

    25-34 26%

    35-44 21%

    45-54 16%

    55-64 18%

    65-74 13%

    75+ 4%

    Age of Homebuyers

    Nationally

    AGE OF HOMEBUYERS IN TEXAS

  • 15% 21%

    36%

    28% 34%

    TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    35% Avoid renovations or problems

    with plumbing or electricity

    Better price

    For Texas homebuyers, the desire to own a home was the most-cited reason for purchasing a home (26 percent), followed by a job relocation or move (11 percent).

    MOTIVATIONS FOR BUYING A HOME

    Better overall value

    More Charm and Character

    Ability to choose and customize design features

    Amenities of New Home

    Construction

    Motivations for Buying a New Home

    Motivations for Buying an Existing Home

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    0-6 Months 43%

    6-12 Months 15%

    12-18 Months 8%

    2+ Years 28%

    Time to Save for Down-payment

    in U.S.

    18-24 Months 6%

    0-6 Months 45%

    6-12 Months 15%

    12-18 Months

    8%

    2+ Years 26% Time to Save for

    Down-payment in Texas

    18-24 Months

    5%

    SAVING FOR THE DOWNPAYMENT

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    MOST DIFFICULT PART OF THE PROCESS AND MEDIAN STUDENT LOAN DEBT

    Median amount of student loan debt among Texas homebuyers.

    $20,000

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

    57%

    TEXAS

    Median amount of student loan debt among homebuyers in the U.S.

    $25,000

    Of homebuyers in the U.S. said finding the right property was the most difficult part of the homebuying process.

    54%

    UNITED STATES

  • TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

    55 Years Old Median age of home seller

    $103,300 Median household income

    34% 3 Weeks Median length of time a seller’s home spent on the market

    10 Years Median tenure in home

    $47,500 Median sell price over purchase

    First-time home