The National Association of Realtors recently published a report of Home Buyer and Seller Generational Trends. Understanding generational trends is very interesting and critical in our profession of selling real estate. Over the next few weeks we will be examining the generations and factors that affect the decision making as it relates to real estate. Here are a few points of interest regarding the Gen Y generation.
The Gen Y generation are those born between 1980 and 1995 (ages 33 and younger). They currently represent the largest share of home buyers at 31 percent and the smallest share of home sellers at 12 percent. 76 percent are first time home buyers. 19% live in urban areas, the largest share among the generations. They are buying primarily for the desire to own a home. The biggest neighborhood influencers are quality of neighborhood and the convenience to their job. Communicating costs are very important to 37 percent of the Gen Y buyers. This buyer plans on living in their home 10 years. 74 percent said the number one benefit of having and agent was helping them understand the process. 56 percent said student loan debt delayed their saving abilities. 17 percent had to stall their home sale because their home was less than their mortgage and 87 percent consider their home to be a good financial investment.
Next week we will take a look at the Gen X generation. That includes those born between 1965 and 1979, ages 34 to 48.
If you are considering a move or have questions regarding real estate in St. Charles County or the St. Louis Metropolitan area, contact The Boehmer Team at www.TheBoehmerTeam.com.