This is the Most Difficult Part in the Home Buying Process in Texas

Business, Lifestyle
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A report released today by Texas Realtors provides insights into the demographics, motivations and opinions of Texas homebuyers and sellers. The 2019 edition of the Texas Homebuyers and Sellers Report offers details about real estate consumers’ income, ethnicity, age, and perceptions of the homebuying and selling processes.

Just over half of Texas homebuyers surveyed said that finding the right property to purchase was one of the most difficult parts of the process.

“We still have a tight supply of homes for sale in most areas of the state, which makes it challenging for buyers,” said Tray Bates, 2019 chairman of Texas Realtors. “We’re also seeing home prices rising faster than incomes, especially for first-time homebuyers. One key to a successful home search is for buyers to identify the features they value most in a home.”

Among those who bought newly built homes, the top reason for doing so was to avoid renovations or plumbing and electrical problems. Buyers who purchased previously owned homes mentioned value and price as their primary motivating factors.

The median age of Texas homebuyers was 47, unchanged from the previous year. The median age of first-time buyers was 32. Nearly one-third of all buyers were first-timers. The majority of Texashomebuyers (68%) were married couples, followed by single females at 15%, single males at 9% and unmarried couples at 5%.

Thirteen percent of homebuyers identified as Hispanic, with 7% black/African-American, and 4% Asian. Approximately three-quarters identified as white/Caucasian.

On the selling side of the transaction, the most popular reason for putting a home on the market was to move closer to friends or family, cited by 22% of respondents. Job relocations came in at 17%, while another 8% of sellers wanted to move closer to a current job.

Sellers spent a median of 10 years in their homes. The median sales price was $70,000 higher than what sellers paid for their homes. The median length of time a seller’s home spent on the market was four weeks.

Consumer satisfaction with Realtors was high, with 89% of buyers and 85% of sellers saying they would definitely or probably recommend their agent to others or use their agent again.

Bates concluded, “Buying or selling a home can be stressful … it involves multiple steps and large sums of money. It’s gratifying to see that Texans are getting the professional assistance they need to accomplish their real estate goals.”

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