Pop Quiz – No Cheating!

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.