How Homebuyer Demographics Have Changed Over the Years

Connecticut Real Estate Expert Andy Sachs

Here’s a closer look at the influx of buyers that have come to Connecticut.
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Everybody knows that the real estate market is absolutely insane right now. Homes are selling in less than 24 hours with multiple offers at or above asking price. We haven't seen this kind of market since 2002 through 2005, and for the first time, I’m sitting with home sellers and telling them to list for more money. It’s a pretty cool feeling, and we have a lot of happy sellers.
However, I think there is something else contributing to the uptick in the market. We’re getting a lot of people coming here from Manhattan, Brooklyn, and Westchester County, all of whom are tired of their little apartments. On a national level, people are getting married later, having kids later, and buying their first home later. A home purchase is typically preceded by a major life event, whether that be a wedding, a baby, a retirement, some other change in employment status, or a divorce. All of these drive home purchases and sales.

Life events drive home purchases and sales.

A lot of our first-time homebuyers are older than they used to be. When I first started my career about 15 years ago, we were more in the 28 to 35 age range. Now we’re seeing 35- to 40-year-old first-time homebuyers. That market is colliding with the New York metropolitan area market and flooding our area with buyers.
If you’ve given any thought at all to selling your home, now is absolutely the time. Your home might be worth up to $50,000 more than it was just eight months ago.
If you have any questions for me about buying a home, selling a home, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.