Are you looking for Outer Banks homes for sale? If you want to live on the Outer Banks, then you may also be interested to know some basic information about current real estate market trends.
According to the Association of Real Estate License Law Officials, there are approximately two million real estate licenses active at the present time. A 2014 survey indicated that 88% of the homes sold were purchased through a real estate agent or broker.
When purchasing a home through a real estate agent, 98% of the buyers surveyed stated that their agents had useful information. The real estate field continues to benefit from word-of-mouth advertising, and 40% of buyers tend to turn to friends and family for agent referrals.
Currently, the United States has over 115 million housing units occupied. Given that the population continues to grow, new housing units are needed every year to accommodate this growth. Forbes has estimated that every year, 1.5 million housing units will need to be constructed in order to keep up with this growth.
There were several reasons noted for new home purchases in 2014. The average person buying a second, third, or fourth house in 2014 was 53. Multi-generational homes were purchased by 13% of buyers for three main reasons:
- Cost savings
- Adult children returning home
- Elderly parents needing care
In 2014, there were a number of first-home buyers. A survey showed that 33% of the homes sold were to first-time buyers. It’s interesting to note that the average first-home buyer was 31-years-old.
Given the economic growth in 2015, the housing market experienced an upward trajectory. This was due to pent-up demand, competitive mortgage rates, and more affordable home prices.
While there are a variety of personal reasons buyers choose to purchase a new home, they include the following situations:
- Desire to own a home: 24%
- Job-related move: 9%
- Better neighborhood or change in family situation: 8%
Whether you’re looking for beach property, a condo or multi-generational houses for sale, your realtor can provide available real estate listings for you to visit. If you’re specifically looking for Outer Banks homes for sale, and you’re not yet familiar with the area, then your realtor can provide you with helpful information about the Outer Banks lifestyle.