Nov. 28, 2017 – The Pennsylvania real estate market saw a significant increase in younger buyers over the last year, according to the Welcome Home survey conducted for the Pennsylvania Association of Realtors®.
“More than half of new homebuyers were under the age of 50,” said PAR President Kathy McQuilkin. “And the reasons for buying reflect those younger clients.”
For example, 19 percent of homebuyers said being tired of renting was their primary reason for buying, compared to the past year, when an average of only 9 percent said this was their top reason for buying.
“Younger buyers also cited expanding families, needing more space and relocation as their primary reasons for buying a home,” McQuilkin added.
These younger buyers prefer using a 30-year mortgage to purchase their home. “The Welcome Home survey shows 60 percent of the youngest buyers took out a 30-year mortgage and overall 47 percent of all buyers reported using a 30-year mortgage to finance their home, which is the highest reported share of homebuyers using that financing in the life of our Welcome Home surveys,” McQuilkin said.
Financing questions continue to be cited as the biggest stress in buying a home, however more than 10 percent of new homebuyers said that paperwork and selling their previous home were their biggest stress sources during the home buying process.
“In the last year, we’ve seen more and more buyers lament the volume and speed with which paperwork needed to be completed,” McQuilkin noted. “Buyers are also worried about timing the sale of their previous home. The increase in this appears to be a symptom of a more challenging market for buyers, where lower inventory and rising demand increase the pace of the buying process.”
The Welcome Home surveys are conducted for PAR by Keystone Analytics® and provide information on consumer homebuying trends.
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