Texas homebuyers and sellers dish on why they're making moves
What's the hardest part of the homebuying process? Finding the right place to call home, according to the 2019 edition of the Texas Realtors' Texas Homebuyers and Sellers Report.
Fifty-one percent of Texas homebuyers expressed that sentiment, according to the report, which details information about the folks buying and selling across the Lone Star State.
The annual survey reveals motivations for buying and selling, how long residents plan to stay in their new digs, how much they'll make when they sell, and more. Here's a snapshot of Texas homebuyers and sellers right now:
In 2018, the median age of Texas homebuyers was 47. They had a $101,700 median household income, and 32 percent of them were buying for the first time, according to the report. The average homebuyer looked at 10 homes in just as many weeks before finding the right one, and they’re expected to stay put for 12 years.
Most homebuyers were white (74 percent to be exact); 13 percent were Hispanic, 7 percent were black, 4 percent were Asian or Pacific Islander, and 3 percent were categorized as “other.” Homebuyers’ ages were also diverse. The largest age group was 25-34 years old (23 percent of buyers), followed by 35-44 and 75 or older, both at 19 percent.
The reasons for buying a new or previously owned home also varied. Motivations for buying a new home in Texas included avoiding renovation costs and issues with electricity or plumbing, amenities in communities, ability to customize the home, and energy efficiency. Other buyers went with a previously owned home because they thought it had a better overall value, better price, and more charm.
The home seller
On the flip side, the median age of Texas home sellers in 2018 was 56, about 10 years older than that of the buyer, and 26 percent were first-time sellers, according to the report. After spending 10 years in their home, the average seller’s house spent only four weeks on the market. And when they sold, they made a nice chunk of change — the median sell price was $70,000 over the purchase price.
The top five reasons Texans put their homes on the market? Wanting to be closer to friends and family, job relocation, moving closer to current job, change in family situation, and retirement.