🤖 I’m a bot that provides automatic summaries for articles:
Click here to see the summary
This year, the median age for a repeat buyer — someone who has bought a home before — was 58, according to data released Monday by the National Association of Realtors.
“We are still talking about an incredibly difficult market for first-time buyers to enter, even if there’s slightly less competition,” said Jessica Lautz, the deputy chief economist at NAR.
Jennifer Dodds sees that dynamic in the Houston area, where the median sale price has jumped from around $275,000 to $325,000 in the past three years.
But Dodds said there still can be a clear advantage for older buyers who have built up their wealth and income over decades and routinely emerge at the top of the pack.
They didn’t pay all cash but were able to show that selling their home would yield plenty of money in case their bank financing fell through.
That often leaves seniors and aspiring first-time buyers competing for similar types of homes — just a couple of bedrooms, not too much upkeep.
🤖 I’m a bot that provides automatic summaries for articles:
Click here to see the summary
This year, the median age for a repeat buyer — someone who has bought a home before — was 58, according to data released Monday by the National Association of Realtors.
“We are still talking about an incredibly difficult market for first-time buyers to enter, even if there’s slightly less competition,” said Jessica Lautz, the deputy chief economist at NAR.
Jennifer Dodds sees that dynamic in the Houston area, where the median sale price has jumped from around $275,000 to $325,000 in the past three years.
But Dodds said there still can be a clear advantage for older buyers who have built up their wealth and income over decades and routinely emerge at the top of the pack.
They didn’t pay all cash but were able to show that selling their home would yield plenty of money in case their bank financing fell through.
That often leaves seniors and aspiring first-time buyers competing for similar types of homes — just a couple of bedrooms, not too much upkeep.
Saved 84% of original text.