Generational Trends Among Buyers and Sellers!

The NAR (National Association of Realtors) recently conducted a survey to determine generational trends among Home buyers and sellers. Here are some of the highlights.

•        Among the generations, Gen X comprises the largest group of recent home buyers, followed by Gen Y, and then younger Baby Boomers, older Baby Boomers, and the Silent Generation. The G.I. Generation represented less than 1 percent of recent buyers.
•        At least 80 percent of buyers who are aged 57 and younger bought a detached single-family home, while it is increasingly common for buyers over the age of 57 to purchase townhouses and condos.
•        Among all generations of home buyers the first step in the home buying process is looking online for properties for sale.
•        Buyers gain many benefits from working with a real estate professional. Among age groups, younger buyers are more likely to want the agent to help them understand the process as they are more likely to have never purchased a home before.
•        Older buyers are less likely to finance their home purchase in comparison to younger buyers; when they do finance, the share of the home they financed is typically smaller.
•        Among the generations, Gen X is the largest group who are recent home sellers followed by both younger Baby Boomers and older Baby Boomers, the Silent Generation, and Gen Y. The G.I. Generation represented less than 1 percent of recent buyers.

I recently wrote a blog about my optimism in the 2013 real estate market. Link following:

http://gkentmorris.blogspot.com/2013/04/optimism-for-2013-real-estate-market.html

I believe it is easy to see that the line share of purchases will take place by Gen X and  Gen Y. They are coming into their most productive years in terms of income. As the housing market improves in terms of volume and price, slowly but surely the land market will follow.

For information about buying or selling land, contact G. Kent Morris  (706) 457-0090