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Home Buying Trend Shows More Younger Buyers

Home Buying Trend Shows More Younger Buyers

Real estate agents with new homes for
sale in Blackfalds may have a really good buyers’ market among young home buyers, specifically the Generation X demographic (born between 1980 and 1995). According to a 2014 National Association of Realtors® study of generational trends among home buyers and sellers, whichevaluated generational differences in the home purchasing habits of recent home buyers and sellers. Nearly 150,000 home buyers who bought homes between July 2012 and June 2013 were surveyed.

Study Findings

Young home buyers made up the largest group of recent home buyers at 31 percent, followed by Generation X (born between 1965 and 1979) at 30 percent, Younger Boomers (born between 1955 and 1964) at 16 percent, Older Boomers (born between 1946 and 1954) at 14 percent and the Silent Generation (born between 1925 and 1945) at 9 percent.

Eighty-seven percent of buyers age 33 and younger saw their home was a good financial investment, compared to 74 percent of buyers 68 and older.

The median age of Generation X home buyers was 29. The median income in this group was $73,600. and buyers in this group typically bought homes costing $180,000.

Generation Y home buyers were the largest group of first-time home buyers at 76 percent. The percentage of first-time home buyers tends to decline as potential buyers get older. For example, only two percent of Silent Generation home buyers bought homes for the first time.

Generations X and Y home buyers are also more likely to utilize modern technology in their home search. Generation Y is the most likely group to search the Internet for information on home buying, while more than of half Generations X and Y home buyers used mobile devices during their search.

A happy and satisfied younger buyer can be your best advertisement. Younger buyers are more likely to find a realtor through word-of-mouth referrals from friends or relatives, while older buyers tend to contact realtors they have used before to buy or sell a home.

Younger sellers were more likely to enlist the help of a realtor to help with selling their home.

In regards to a real estate agent, home buyers of all ages value honesty and trustworthiness first and foremost. Senior home buyers were the exception, valuing an agent’s reputation, which for the other age groups was the second

most important factor.

Let a Real Estate Agent Help You Find Your Dream Home

There are many new Blackfalds homes for sale for potential young and older buyers alike. Whether you’re a first-time home buyer or buying the home where you will spend your retirement years, a seasoned realtor is just a phone call or email away.