More home buyers chose existing homes over new homes, the National Association of Realtor’s 2014 Profile of Home Buyers and Sellers reports.
The NAR annually conducts this survey of recent home buyers and sellers to provide insight into their experiences with the home buying and selling transaction.
This year’s report documented 33 percent of home buyers in 2014 were first time buyers, below the 40 percent historical average.
Existing homes had a greater share of sales than new homes, which only made up 16 percent of all recent home purchases. Those that purchased new homes reported that they wanted to “avoid renovations or problems with plumbing and electrical.”
Buyers of previously owned homes chose to do so because of a “better price and overall value,” and the “charm and character their home provides.”
Read the report at Realtor.org.