Generationally what are the trends with home buyers and sellers? The Home Buyer and Seller Generational Trends Report published by the National Association of Realtors® has some great information and insights.
First, we need to define who they are. Generation Y/Millennials were born between 1980 and 1998; Generation X born between 1965 and 1979; Young Baby Boomers were born between 1955 and 1964; Older Baby Boomers were born between 1946 and 1954; The Silent Generation were born between 1925 and 1945.
Here are a few highlights that agents may want to consider when seeking new clients.
Most recently purchased homes was by Millennials at 34% with Baby Boomers young and old, coming in at 30 percent followed closely by Generation X at 28%. Somewhat expected most millennials, 66 percent were first time home buyers. Additionally, 85% saw buying a home as a good investment.
Home buyers in the Generation X group had some challenges. Around 14% had been involved in a destressed sale in the past while 21% wanted to sell earlier however were under water. Additionally, 27% of Generation X were saddled with student loan debt.
The median amount of years the Young Baby boomers expect to stay in the homes is 20 years. Community and social circle were important to Older Boomers and The Silent Generation. The median distance between old and new home for the Older Boomers was 25 miles. In addition, 23% of the Silent Generation purchased their home to be closer to family, friends and relatives. 41 percent of those born before 1955 (Older Boomers 17% and the Silent Generation 24%) purchased senior-related housing.
The report has much more detailed information and could be an influence for a Realtor’s marketing strategy.