The talk these days in real estate circles usually focuses on first-time buyers. But what about homeowners that are looking for their second house?
The Wall Street Journal published a piece in Friday’s paper that pegs the age that homeowners want to start looking for a larger place at 35. In 2012, the 35 to 44-year-old age group saw the largest jump in home purchases among all age groups.
From the article:
Homeowners in the move-up group are typically looking to stay in their home for 10 to 15 years, compared with the three to five years for starter homes. “They’re looking at the market and saying, ‘The house I bought 10 years ago is not my dream home. I have a bigger family and now I can sell,’ “ says John T. Altman, a real-estate broker in San Diego.
While the number of move-up buyers increased notably, young, presumably first-timers made up the majority of purchasers — 45 percent of buyers in 2012 were between the ages of 25-34.
This article originally published at https://dc.urbanturf.com/articles/blog/35_the_magic_age_of_the_move-up_buyer/6475.
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