Last night as I was packing up the office to head home to our family dinner zillow dropped the big annual report. Zillow Group Consumer Housing trend report 2019.
Zillow has spent millions of dollars studying the US housing market and should not be taken lightly. Here is some highlights from the annual report.
TYPICAL HOME BUYERS
-43 YEARS OLD
-43% college grad or higher
-74% white
-65% married or partnered
-49% live with children <18 years old
-56% have debt in addition to their mortgage
-45% considered renting instead
-45% of buyers are first time with 63% being millennials (median aged 34)
- Median household income 75k
- 29% bought a home previously
-4.5 months average search time
-2.6 open houses attended
- 4.4 houses toured
- 83% chose to inspect the home before purchase
-50% of home buyers were initially concerned about qualifying for a mortgage
-82% used a buyers agent
Typical home purchased: 3 bed 2.2 bath 2,000sf priced at median of 229k
TYPICAL HOME SELLERS
- 48 years old
- 45% college grad or higher
-78% white
-69% married or partnered
-64% buying and selling at the same time
-Median time in home 14 years
- Median household income 75k
- Median age of first-time sellers: 39
-73% make at least one improvement before selling ( Average 2.7 improvements)
-83% used an agent
- 46% negotiated the terms of compensation with agent (55% successful)
- Held 3.6 showings/open houses before selling
- 60% lowered the price at least once
-45% sell because of life events
- 2 offers recieved on average with 40% reporting an offer falling through
- 81% made sellers concessions
(31% gave appliances, 29% lowered price, 20% paid closing costs)
- 66% sellers wished they did something better with 24% wishing they prepared sooner
Average home sold: 3 bed 2.2 bath 2,000sf sold at a median of 222k
To read the full report and see the graphs and color charts provided by zillow click here
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