Generational Trends

Each generation is different and recognizing these differences is key to understanding these trends. 

The National Association of Realtors has been writing the Home Buyers and Sellers Generational Trends Report since 2013 to determine the similarities and differences between generations when it comes to real estate transactions.

According to their current findings, the largest share of home buyers are those 36 years and younger, also known as 'Millennials'. Sixty-percent of these buyers were also first-time home buyers.

The second largest group of buyers were between the ages 37-51, 'Gen Xers'. They make up 28% of buyers. This generation is typically experiencing their peak years of earnings in their positions. This is the generation most likely to be married and have children under the age of 18 living in their homes and tend to search for properties based on these demographics.

The most common reasons for purchasing a home vary among the different generations, however NAR's research found that for those buyers 61 years or less, the main purpose of buying a home was to have property of their own. Those 62-70 years old were searching for a home to be closer to friends and family and to prepare for their retirement, while those 71 and older were more inclined to downsize.

Some similarities exist among the different generations. For example, nearly all of them start their home search online, except for those 71 or older. Those buyers typically reached out to a real estate agent to start their home search. In fact, all generations continue to utilize real estate agents. Buyers need the help of real estate agents to find the right home, negotiate terms of the sale, and negotiate pricing.

Regardless of your generation, and whether you're looking to buy or sell real estate, reach out to the Springs Summit Group to get started. We have highly experienced and knowledgeable agents available to answer your questions and guide you through the entire process. It can be a daunting adventure, let us help!



Article Content:
National Association of Realtors - https://www.nar.realtor/reports/home-buyer-and-seller-generational-trends

Narrated by: 
Kelsey Ruger

Edited by:
Seth Worthey

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