Last week NAR Research held a Twitter chat on home buyer and seller generational trends. The information for this chat was taken from our recent 2013 Home Buyer and Seller Generational Trends report, and echoes many of the observations that real estate professionals are seeing in their own markets. There were too many responses to include them all, but the recap of the major highlights is below. Thank you to all who participated!
(2:00pm) @NAR_Research: Welcome to today’s chat on the Home Buyer & Seller Generational Trends report. Jessica Lautz here to talk/answer questions #HBSGenerations
(2:00pm) @NAR_Research: Younger buyers buy to own a home of their own; older buyers buy to be closer to family, friends, and relatives #HBSGenerations
(2:01pm) @NAR_Research: As age increases among recent home buyers, the rate of owning more than one home also increases. #HBSGenerations
(2:03pm) @NAR_Research: At least 80 percent of buyers who are aged 57 and younger bought a detached single-family home… #HBSGenerations
(2:05pm) @NAR_Research: … while it is increasingly common for buyers over the age of 57 to purchased townhouses and condos. #HBSGenerations
(2:07pm) @NAR_Research: Younger buyers tend to stay close to their previous residence, often staying w/in 10 miles of previous home #HBSGenerations
(2:10pm) @NAR_Research: Older buyers tend to move longer distances, typically more than 20 miles from their previous home #HBSGenerations
@First_Finance: What can realtors do to reach and serve younger homebuyers? @NAR_Research #HBSGenerations
@NAR_Research: REALTORS can learn younger home buyer preferences in buying, search time, and increased use of tech in the search process.#HBSGenerations
@NAR_Research: Such as: Younger buyers tend to place a high importance on commuting costs #HBSGenerations
@NAR_Research: Also: Younger buyers more likely to use the internet, and use the internet more frequently, during the search #HBSGenerations
(2:12pm) @NAR_Research: As the age of the home buyer increases, the age of the home declines. #HBSGenerations
(2:17pm) @NAR_Research: When choosing an agent, younger buyers more likely to place agent’s honesty and trustworthiness higher as a factor #HBSGenerations
(2:25pm) @NAR_Research: Older buyers rate the agent’s knowledge of the neighborhood as a higher factor than younger buyers when choosing an agent #HBSGenerations
(2:25pm) @NAR_Research: Most likely because older buyers tend to move longer distances and may not necessarily know the neighborhood #HBSGenerations
@ruzicka: @NAR_Research Avg age of GenY buyers was 28. How does that compare to GenX and Boomers, when they were in their 20s or 30s?
@NAR_Research: @ruzicka Unfortunately we do not have trend data on this. Closest is data on first % of Gen Y were FT.
@NAR_Research: @ruzicka Typical FT buyer age is pretty much unchanged for the last 10 years: 30-32 years old.
(2:28pm) @NAR_Research: 85% of buyers under 32 considered their purchase a good financial investment vs. 50% of buyers aged 88 and older. #HBSGenerations
(2:29pm) @NAR_Research: As age increases, the rate of marriage among sellers declines and the rate of single female households increases #HBSGenerations
(2:30pm) @NAR_Research: Younger sellers more likely to use the same real estate agent or broker for home purchase than older sellers #HBSGenerations
(2:32pm) @NAR_Research: Youngers sellers typically want their selling agent to help sell the home within a specific timeframe #HBSGenerations
@carolmoson With younger buyers and sellers you need to earn confidence. Have researched alot so you need to provide more #HBSGenerations
(2:34 pm) @NAR_Research: Older sellers are more likely to want their selling agent to help market the home to potential buyers #HBSGenerations
(2:35pm) @NAR_Research: Older sellers are more likely to recommend their agent or broker to others than younger sellers #HBSGenerations
(2:38pm) @NAR_Research: Thank you for joining in today’s Twitter Chat! You can find download & view the full report here: http://www.realtor.org/reports/home-buyer-and-seller-generational-trends … #HBSGenerations
Meredith Dunn, Research Communications Representative, manages Real Estate INSIGHTS, the Research Update, and assists in managing Research content on Realtor.org as well as on various social media sites. She also produces video content for the multimedia portion of the Research site.