A recent NAR Report highlighted a strong rise in the age of the average US Homebuyer in 2024. Thomas Thompson, chief economist at Havas had a great synopsis of the findings, posted on Linkedin. The Link to that post is: https://www.linkedin.com/feed/update/urn:li:activity:7259226959203753984/? You may have to log in to read it in full.
With high interest rates, stifling burdens on mortgage applicants, low inventory, rising listing prices, buyer agent commission upheavals, & more, buyers have faced a staggering set of obstacles to finding homes of their own this year.
The average age of US homebuyers is 56. The average age of 1st time homebuyers is 38. This shows that the buyers able to enter the market have to be strongly settled in their lives financially, have significant reserves of wealth to draw on & are usually using equity in their current homes to rise to the challenge of buying in today’s market. Younger buyers looking for their 1st home are increasingly unable to meet even the threshold of pre-approval.
Mortgage rates, instead of the expected decline after Fed rate cuts, rose, due to a loosely tied relationship with Fed rates. One of the complicating factors was uncertainty over the election. Now that that’s behind us, industry leaders can make plans for the future. Also, both sides recognised housing access is a problem and had plans to urgently address the issue. Fed rates seem poised to continue dropping which will eventually affect mortgage rates, but that’s not an immediate process. Also, Massachusetts just released a huge bill designed specifically to increase access to housing.
There are signs for hope in the Spring of 2025 or possibly earlier. If you’ve been unable to enter the marketplace in 2024, I recommend staying positive & aware. Keep your options open. Use this time to better yourself financially, so you’re ready to take advantage when the stars align in early 2025. You can sit down with me and/or one of the proven mortgage providers I work with to discuss specific ideas to prepare for 2025 Spring opportunities. Consults are always free & carry no obligations. And …I bring coffee. 
Win, Win!
Have Fun!
Lew McConkey,
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
If you have questions about your place in the current Real Estate market, as a buyer, seller or Landlord,
Please feel free to call text or email for your free, no obligation consultation.