How many people who bought homes last year in 2023 were first time home buyers? The media narrative is that buying a home is next to impossible — and home buying can be difficult with financial and logistical hurdles to overcome, especially in California. However, this statistic might surprise you: according to the National Association of REALTORS (NAR) 2023 Profile of Home Buyers and Home Sellers, first-time home buyers made up almost 1 third of the home buyers in 2023 at 32 percent of home buyers. This is a 6 increase from 2022 (with 26 percent of home buyers being first time home buyers)*. That is awesome! More first time home buyers means more people are enjoying the benefits of homeownership. As REALTORS, we advocate for home ownership because we know that owning a home has positive, long-term impacts including generational wealth. 

The typical first-time home buyer is 35 years old, and for 60 percent of those first-time home buyers, the primary reason for buying a home was to “own a home of their own” which means the American Dream is still strong. “Buyers were driven into the market with the desire [to] own a home of one’s own, to be near friends and family and the need for a larger home. Distance moved from the last home decreased from 50 miles to 20 miles”*. The vast majority of home buyers view their home purchase as a good financial investment (82 percent). 

Almost 9 in 10 home buyers bought their home with a real estate agent/broker and 43% of buyers used an agent that was a referral from a friend, family, or neighbor. Wow! That means 2 out of 5 home buyers made the decision of who to represent them based on word-of-mouth recommendations. This is why we appreciate it when you share your experience of working with us with others — we all want a trusted resource and hearing about someone else’s interactions helps! Having online reviews is important which is why we gather 5-star reviews on Zillow, but there is something different about hearing the verbal 5-star review from a friend. Pass on our names and contact information or send us a text when you have someone who needs our help. Our business is built on referrals! 

Are you wondering whether the NAR Settlement headlines mean you will have to come out-of-pocket to purchase your next house? Are you debating remodeling your current home or selling & buying? Are you thinking of turning a property you inherited into a rental property or selling it? These are all scenarios that we can give you additional information on and share how we’ve helped clients in the past.

Text, call, or email us your questions and we can talk! 

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.