Pop Quiz - No Cheating! (Posted January 18, 2016)

Recently, the National Association of Realtors posted a quiz on their website titled “Home Buyer Types” – it’s only five questions, so how hard could it be? Before we start, let’s lay down some ground rules: use a No. 2 pencil, don’t ask your neighbor or your neighbor’s Chihuahua for help, and don’t leave any hanging chads (too political?). Ready? Go:

1. What is the median age of first-time homebuyers?

a. 28

b. 31

c. 39

d. 42

2. What type of home is most frequently purchased by single women?

a. Single-family

b. Townhouse

c. Condo/apartment

3. What percentage of first-time homebuyers were married couples?

a. 23%

b. 45%

c. 56%

d. 62%

4. What was the most cited reason for the purchase of a multi-generational home?

a. Children/relatives over 18 moving back home

b. Health/caretaking of aging parents

c. Cost savings

5. What percentage of buyers of senior housing are first-time buyers?

a. 3%

b. 5%

c. 9%

d. 15%

So, how did you do? Aced it, right? Do you even need me to give you the answers? Twist my arm – here you go: (1) b – 31 years old; (2) a – single-family; (3) c – 56%; (4) b – aging parents; (5) b – 5%.

If you’re feeling pretty proud of yourself, here are a few essay questions – extra points for neatness:

1. How many different financing options are available to someone purchasing a multi-generational home?

2. For a first-time homebuyer, how will the financing differ between a single-family home for a married couple and senior housing?

Tell you what, on these last two questions, I’ll let you cheat just a little – you can give me a call. Don’t bother asking the neighbor’s Chihuahua – he’s a perpetual renter.

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