It’s time for Part 2 of last week’s blog post: “Top 10 Things to Know About Home Buyers in 2017“.  House hunters were surveyed by in the Fall of 2016 to talk about all the different facets that are influencing their current search for a new home.  Last week’s post we discussed 5 things we learned from their answers.  Now it’s time for 5 more…

And just like last week, If you’re a current or soon-to-be house hunter, see which survey answers you agree and disagree with.  Comment down below and tell me how your house hunting wants and needs stack up against the home buyers in this survey.


The Top 10…continued

#6)  Money Don’t Grow on Trees

In last week’s post we talked about some of the obstacles that people are dealing with during their home shopping.  This time we’re going to focus on the financial side of things.  It quickly became apparent from the survey data that there are two main financial impediments.  The number one money problem for home shoppers was lacking enough funds for a down payment.  Unsurprisingly, this hit Millennials and other first time home buyers the hardest.  37% of first time home buyers, of all ages, said down payment funds were holding them back.  Another 28% of all first time buyers said that they need to improve their credit score before they can finance a new home.  In addition, house hunters of all ages are feeling the financing woes.  Because 24% of all respondents said they don’t have the down payment money available.  Needing to improve their credit score slipped down to 18% when accounting for everyone in the survey.  Saving money is hard.  And the last time I checked, money trees were even harder to find.

#7) Timing is Everything

This one is short and sweet.  It is also especially relevant right now.  Because at the time of this writing it’s the last week of May in 2017.  That means the shift from late Spring into early Summer is happening right outside my window.  Why does this matter?  Well, it matters because house hunting is usually kind of a slow process.  And for 52% of people in this survey, they expected to be shopping around for houses for 7 months or more!  Some quick math tells us…the survey was taken in (September 2016) + (7 months) = April 2017.  Plus, that’s the low end of the range.  Lots of house hunters will take 7-10 months; some will take even longer.  So the peak buying time is happening right now!  From April thru the end of summer, people are looking to make a move.  The competition should be fierce.  Hopefully the insights in these articles will give you a step up on that competition.  You can thank me later.

#8) What Are Your Goals?

Creating goals for yourself is a great habit to form.  Personal & professional goals are important to have; exercising 3x per week, increasing your sales goal at work by 15%, or spending more time with your family.  Goals let you track your progress better and they give you a deserved sense of accomplishment when you meet them.  Finding a new home that meets your goals is more than just finding a house with a great walk-in closet.  It’s about the larger picture.  For example, these are the top 3 answers from all people in the survey…

1. Privacy

2. Putting the needs of your immediate family and children first

3. Grow assets & wealth through homeownership

How do your home buying goals match up??

#9) Motivations for Moving

We just covered the top 3 goals people have for their new house, but now we’ll touch on the things that motivated people to make the move in the first place.  What turned content dwellers into active house hunters?  The number one answer is a reflection of our more capricious tendencies.  Because 26% of people answered that they were simply “tired of their current home“.  It’s just time for a change.  Coming it at the number two most popular response was “favorable housing prices“, which garnered 17% of the responses.  I’d venture to guess that the number one answer, will almost always remain the number one answer…it’s just in our nature to seek out change.  But the number two spot, favorable housing prices, will ebb and flow much more fluidly.  Optimistic outlooks on housing prices are always a positive sign for the housing market.

Finally, sliding in to the number three slot is another familiar response: “change in family circumstance and composition“.  16% of respondents have experienced a significant change in family size or situation.  Whether it’s kids leaving for college, elderly parents moving in, or a new baby or two joining the club, this is another answer that we always expect to see near the top of this category.

#10) House Hunters by Age

It’s no surprise that most of the answers in this survey will vary dramatically depending on a person’s age.  Your goals, motivations, wants, and needs evolve with time.  So here’s a few of the most notable differences between the age groups.

{Desire to Live Closer to Family & Friends}

  • 29% for ages 65+ (#1 answer for this age group)
  • 2% for ages 25-34

{Single Family Home Preferred}

  • 71% for ages 55-64
  • 39% for ages 25-34

{Townhouse, Row Home, or Attached Property Preferred}

  • 34% for ages 25-34
  • 10% for ages 55-64

That’s a wrap for Part 2 of our Top 10 Things to Know about Home Buyers in 2017.  Please feel free to comment below and give me your feedback about the insights in this post.  And make sure to catch Part 1 of this Top 10 list, if you haven’t already.  Finally, click on the image to the right to see the full results from the active house hunters survey that these last two blog posts were based on.  Thanks for reading.  Until next time!

Full Survey Results