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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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