Where Are the Move-Up Home Buyers?

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The Home Buying Process. The AHS also contains data on how buyers shopped for a home, and how the purchase was financed. Overall, in the 2013 AHS, buyers looked at a median 10 homes before making the purchase, while both buyers of new homes and first-time buyers looked at a median of 8.

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Definition of move-up buyer: A property owner who has owned a residential or commercial property for several years and is looking to purchase a larger building.

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 · Move-Up home buyers often trigger their desire for a new home based on a number of different scenarios. One of the most common is a change in life style – either the kids are all gone or they are new parents. Either way, a new home is very typical in this type of situation.

Home prices continue to rise. Realtor.com economist Hale says. Pricey homes appeal more to move-up buyers than to first-timers – and one-third of buyers are first-timers. As a seller, Hale says,

“Millennials delayed home ownership, just like they delayed getting married and having kids, but now they’re making very similar decisions to their parents.” More millennials are expected to move up.

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