The first-time homebuyer market share decreased to a historic low of 24% (down from 32% last year), while home buyers’ ages hit all-time highs of 56 years overall (49 last year), 38 years for first-time buyers (35 last year) and 61 years for repeat buyers (58 last year), according to the National Association of Realtors® 2024 Profile of Home Buyers and Sellers.
It hasn’t been easy to become a home buyer over the past year, particularly for first timers who’ve faced elevated home prices, higher mortgage rates and slim inventory options.
More buyers are paying cash (26%) than ever before. Here in Waikoloa Village, I ran a quick search of home sales since the beginning of 2024 and the statistics show that 42% of the sales are cash (28 sales of 67 sales from 1/1/24 to 11/11/2024). To compare with the same time period in 2023, the percentage of cash sales were at 27% (21 sales of 80 sales). The strategic advantage of wielding cash has never been clearer.
Home prices, mortgage rates, inventory levels and commissions will shape housing affordability through the end of this year and beyond. If you want to enter the market before the end of 2024, whether as buyer or seller, let me lead the way for you! With the complexities of the current market it is smart to lean on the guidance of an experienced local real estate agent and I am just a phone call away.
