The May Existing Home Sales report showed that today's home buyers are increasingly of the "move-up" variety; buyers who have owned a home and are moving to a new one.
The percentage of real estate investors and first-time home buyers, by contrast, shrunk :
- First-Time Buyers : 34% of all home buyers, down 1 percent from April
- Real Estate Investors : 17% of all home buyers, down 3 percent from April
- Move-Up Buyers : 49% of all home buyers, up 4 percent from April
Move-up buyers are a key statistic because nearly all of them had to sell a prior home before purchasing a new one. One year ago, move-up buyers were frozen -- unable to sell and unable to buy.
Today, that's not the case.
Super-low mortgage rates and loosening mortgage standards are giving move-up buyers an edge. It's one reason why markets such as San Francisco, California and Phoenix, Arizona are performing so well -- pent-up demand can be a powerful force. Below is one of our featured Golf town homes in Billerica near Swanson Meadows Golf Course, an ideal choice for the move up buyer!
Furthermore, move-up buyers tend to purchase "bigger" homes; homes at higher price points. This helps to explain why median sales prices are rising in so many U.S. markets. Move-up buyers are buying homes at higher price prices and lower rates!
So are you ready to be a move up buyer? Call the Christina Lazrak Team in Chelmsford at (978)935-9668
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