Younger Home Buyers More Confident About Home Purchases
The inaugural 2013 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends was released today. This new report evaluated the generational differences of recent home buyers and sellers and found that while eight out of 10 recent buyers considered their home purchase a good financial investment, the number was even higher — 85 percent — for buyers under the age of 32.
Home Buyer & Seller Generational Trends Highlights
NAR found that the largest group of recent buyers was Generation X Americans, those born between 1965 and 1979, who comprised 31 percent of recent purchases, followed closely by Millennials, sometimes called Generation Y, born between 1980 and 2000, at 28 percent. Percentages of recent home purchases among prior generations was significantly lower, 18 percent were Younger Boomers, those born between 1955 and 1964; 14 percent were Older Boomers, Americans born between 1946 and 1954; and 10 percent were from the Silent Generation, those born between 1925 and 1945.
The Home Buying Process – Highlights from NAR Report
- Among all generations of home buyers the first step in the home buying process is looking online for properties for sale.
- Younger generations of buyers typically find the home they purchase through the internet, while older generations of buyers first found the home they purchased through their real estate agent.
- As ages increases the home buyer is less likely to consider purchasing a home in foreclosure.The frequency of internet use in the home search process was directly related to age. Younger buyers not only more likely to use the internet during their search, they use the internet more frequently during their home search process.Older buyers are more likely than younger buyers to be more occasional users during their home search.
- Home buyer satisfaction with the home buying process increases as age increases. This may be due to not only tightened inventory in lower price brackets, but also realistic expectations of older buyers who are often repeat buyers