Guest blogger: Brooke Balco, Communications Specialist
According to a recent report by the National Association of Realtors, millennial homebuyers are on the rise, currently accounting for 28% of today’s buyers! That is only 3% behind Gen X, the age group that accounts for the largest group of buyers. And the good news according to the study is that this new generation is giving a boost to the housing market with a optimism that hasn’t been seen in years.
Buyers under the age of 32 were more confident than any other age group that their recent home purchase was a good financial investment. This makes you wonder what influences their decisions when it comes to purchasing their first home and what do they consider a good investment compared to older generations? Here were some of the most interesting (and some surprising) findings:
- Surprisingly, millennials typically bought homes built around 1986, nearly a decade older than the homes typically bought by the Silent Generation (age 67-87).
- Younger buyers had a tendency to stay closer to their previous residence, often staying within 10 miles. Older buyers generally moved more than 20 miles from their previous home.
- Younger buyers cited the reason for buying a home was the desire to own a home of their own whereas older buyers wanted to be closer to family and friends.
- Millennials tended to make more compromises with their home purchase than any other generation. They most often conceded on the price and size of the home, lot size, distance from job and style of home; whereas nearly half of Older Boomer and Silent Generation buyers made no compromises on their recent home purchase.
What remained the same across all generations was that buyers gained many benefits from working with a real estate professional. There were some differences however in how they chose an agent. Younger generations chose agent’s that displayed honesty and trustworthiness, while older generations were more concerned with experience level and knowledge of neighborhoods.