A new study conducted by jeweler Shane Co.’s “The Loupe” reveals fresh insights into the first-time homebuyer market. Loan officers who target these prospects can fine-tune their sales strategies accordingly for better sales results.
Here’s what you need to know:
• The study found that the average U.S. homeowner rented for 5 years before purchasing a home.
• The average U.S. homeowner purchased their first home at nearly 29 years old.
• 37% of those surveyed intentionally delayed purchasing a home for the first time due to lack of funding (50%), being overwhelmed by the homebuying process (33%) and other reasons.
• Over 1 in 4 survey respondents believe it’s not possible to afford a home in the current housing market as a single person; 58% said they felt pressured to buy a home after they got married.
For additional details, check out theMReport’s article, “Average American Homeowner Rents for Five Years Before buying a Home.”