Mar 15, 2015

Who is the Typical Texas Homebuyer today?

Texas continues to be a national leader in new home sales according to the recent 2015 Texas Homebuyers and Sellers Report published by the Texas Association of Realtors.
New homes made up 28 percent of Texas homes purchased between July 2013 and June 2014 - nearly double the percentage of new homes sold in the U.S. during the same time frame.

Other key statistics from the report include:
  • Increased restrictions in lending standards and rising home prices in certain local markets continue to stifle the growth of first-time homebuyers in Texas. The percentage of first-time homebuyers in Texas decreased 4 percent to 29 percent of all Texas homebuyers. Nationally, the percentage of first-time homebuyers decreased 5 percent to 33 percent of all U.S. homebuyers during the same time frame. 
  • As a result, Texas homebuyers are older and more likely to be married couples. In the report, the typical Texas homebuyer was 45 years old, an increase of 2 years from the previous time frame. 
  • The percentage of married homebuyers increased 1 percent year-over-year to 72 percent, compared to a 1 percent decrease to 65 percent nationally.
  • Texans are buying newer, larger homes than homebuyers nationwide. The typical 3-bedroom, 2-bathroom home in Texas was 2,100 square feet and built in 2002. Nationally, the typical 3-bedroom, 2-bathroom home was 1,870 square feet and built in 1993.
  • For Sale by Owner (FSBO) homes in Texas sold for 30 percent less than homes sold using a Texas Realtor.
  • 16 percent of homebuyers in Texas purchased a multi-generational home due to adult children or aging parents moving into the house. Nationally this was 13 percent.
If you're thinking of selling your home, these statistics are good to help identify your market. [where: 75230]

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