Who is Buying New Homes in Salt Lake City UT?
Ever wonder who is buying New Homes In Salt Lake City UT?
If you are in the Real Estate business in Salt Lake and make a living matching home buyers with home sellers, and helping your client traverse the complexity of the process. You should want to know who is buying New Homes In Salt Lake City UT.
Finding out who is buying new construction and why, is just another facet of the Real Estate business that Realtors need to be aware of .
Builder magazine is helping with that. In September they published an article called "will the real home buyers please stand up"? The article was based on a study done by American Lives that surveyed active buyers in 9 markets across the country. Those surveyed were real customers, actual model home visitor as well as recent buyers, willing to reveal preferences and actual choices.
Some of the things I found interesting, that could possibly help you buy or sell a home were.....
WHO WAS LOOKING AT BUYING NEW HOMES :
Almost 65% of Model Home Visitors are younger than 65.
Less than 20% of the visitors to a New Home Model earn more than $100,000 a year.
"Spending time at home with my family has become more important now", was often heard by those buying New Homes in Salt Lake City or around the country.
94% of the potential New home buyers agreed with the statement that "I don't want to stretch my finances when buying a home".
80% agreed that the most important thing in the buying decision was getting the most square footage at the lowest price.
68% were willing to buy a smaller home in order to be in the neighborhood they wanted.
WHAT ACTUALLY HAPPENED TO NEW HOME BUYERS:
Even though this study was done interviewing visitors to New Home Models, we can assume that the home buyers were pre disposed toward the purchase of New Construction, the outcome of what kind of house the folks finally purchased very interesting.
75% bought a New Home.
21% purchased a a Resale Home
5% bought a Bank Owned or Foreclosed home.
1% ended up with a short sale
WHO IS BUYING NEW HOMES IN SALT LAKE CITY:
Traditional families, thought to mean a married couple with children where only the husband works outside the home has become less of a tradition than a nationwide trip down memory lane. We are going to assume that Utah, and particularly Salt Lake New Home Buyers represent those same demographic of home buyer. If so then this is what Realtors or Home Builders can look for.
That traditional family model represents only 7% if the nations households. ( In the 1970s that number was more than 40%)
In 2000 that number was 25%
Married couples make up 60% of folks buying New Homes.
13% of families with children are single-family households.
New Home builders in Salt Lake and around the country should pay attention to these stats. Realtors, whether they are selling New Construction or pre owned homes, should be aware that the Real Estate market is changing and that in order to provide great service to today's home buyers, they must be well aware of the housing choices available.
To stay current with the Real Estate Market in Salt Lake City UT, stop by our website @ Salt Lake Real Estate, or subscribe to our blog about SLC Homes.
Or you can just call us @ 801-567-0946 and discuss why "Who is Buying New Homes in Salt Lake City UT" is important to you.