The Top Buyers of the Year: A Look at Who’s Making the Biggest Purchases
It’s no secret that the rich are getting richer and the poor are getting poorer, but what does this mean for you? For starters, wealthy people can afford to invest in some pretty expensive real estate! In fact, data from the Luxury Institute shows that real estate purchases by wealthy people increased by 10% in 2015, especially among high-end buyers.
The following article features some of the most lavish properties that were purchased last year by top buyers from all over the world.
First Time Homebuyer
According to the National Association of Realtors, first-time homebuyers made up 33 percent of all buyers in 2018. This is the highest percentage since 2006! If you’re thinking about buying a home for the first time, now is a great time to do it. Here are a few tips to help you get started:
- Work with a real estate agent who understands your needs and can help you find the right home.
- Start looking early so that you have time to ask as many questions as possible without feeling rushed or pressured into making a decision quickly.
- Remember that there are good homes on every budget–you don’t need to spend an arm and a leg on a house just because you think that’s what good homes cost these days.
- Finally, keep in mind that this will be the largest purchase you’ll ever make. So take some time to ensure that you’re making the best choice for your future.
- The next step is researching different types of mortgages and deciding which one will work best for you given your personal financial situation (e.g., 30 year fixed vs 15 year fixed vs adjustable rate mortgage).
Single Parents
According to the National Association of Realtors, single parents are one of the best buyers methods for agents to target. They make up a large portion of the market and often have a great deal of purchasing power. Plus, they’re usually very motivated to find a new home that meets their needs and their children’s needs.
However, they may not have a lot of time to search for a new home, so it’s important to be available when they are ready to make a move.
Young Couples
More and more young couples are buying homes together. In fact, they’re one of the top buyer groups of the year. If you’re a young couple looking to buy a home, here are a few tips to help you succeed. First, get pre-approved for a mortgage. This will give you an idea of how much you can afford to spend on a home. Second, start looking for homes in your price range that meet your needs.
Families
First-time buyers (five sentences): First-time buyers are often the most excited about their purchase and they’re usually very motivated to buy. They may not have as much money as some of the other buyers, but they’re often willing to pay more because they don’t know any better.
Their strong motivation can also be a hindrance to negotiations as many first-time buyers feel like if they don’t get what they want now, then it will never happen. If you find yourself in this situation, remind them that it is possible for them to save for a down payment or find another house that is more within their budget if necessary.
Retirees
More and more retirees are choosing to purchase their homes outright with cash. According to the National Association of Realtors, this age group was responsible for 26 percent of all home sales in 2017, and that number is only expected to grow in the coming years.
So what does this mean for you? Well, you’re going to want to make sure your property appeals to these buyers by listing it as all-cash or cash back when it comes time to sell.
