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New NAR Generational Trends Study

Young home buyers remain optimistic and see their home as a good investment, while older buyers are more likely to trade down to a smaller property to match changing lifestyles, according to the 2014 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers.

Eight out of 10 recent buyers considered their home purchase a good financial investment, ranging from 87 percent for buyers age 33 and younger, to 74 percent for buyers 68 and older.

Some more highlights from the 2014 report, released earlier today:

  • Gen Y comprises the largest share of home buyers at 31 percent, followed by Gen X at 30 percent, and both Younger (16 percent) and Older Boomers (14 percent) at 30 percent. The Silent Generation has the smallest share of home buyers at nine percent.
  • Gen Y has the largest share of first-time buyers at 76 percent. The share of first-time buyers declines as age increases. Among the Silent Generation only two percent of buyers are first-time buyers.
  • Among all generations of home buyers the first step in the home buying process is looking online for properties for sale. Gen Y is most likely among generations to also look online for information about the home buying process, while the Silent Generation is most likely to contact a real estate agent.
  • More than half of Gen Y and Gen X buyers used a mobile device during their home search. Among those who did, 26 percent of Gen Y and 22 percent of Gen X found the home they ultimately purchased via a mobile device.
  • Younger buyers were predominately referred to their agent through a friend, neighbor, or relative, while older buyers were more likely to use an agent again that they previously used to buy or sell a home.
  • Overall 88 percent of recent buyers financed their home purchase. Nearly all (97 percent) of Gen Y buyers financed compared to just 55 percent of Silent Generation buyers.
  • Among the generations, Gen X (29 percent) is the largest group who are recent home sellers followed by both Older Boomers (22 percent) and Younger Boomers (21 percent).
  • Younger sellers are more likely to use the same real estate agent or broker for their home purchase than older sellers, as they are typically moving closer to their previous residence.

See more detailed generational breakdowns after the jump:

TJ Doyle

Thomas “T.J.” Doyle is the Director of Social Media for NAR’s Communications Division. T.J. Doyle oversees NAR’s social media content, campaigns, and initiatives aimed at building and promoting online communities of value to NAR and its members. In his role, he advises and provides guidance to other NAR departments as how to best capitalize on opportunities for enhanced engagement on issues of interest to NAR and its membership. T.J. monitors and tracks NAR’s social media engagement efforts through a variety of software and programs, providing monthly reports to senior management team regarding engagement trends and relevant online conversations and actions taking place on blogs and other social media sites. Through this analysis of digital analytics the association’s social presence can evolves to best serve membership. T.J. has been at NAR for 10 years, previously serving as the Director of Marketing and Communications for the Research Division. In that role, he focused on marketing the products and services the Research Division produces to members and non-members alike, while also overseeing the Research Division’s social media presence, promoting NAR Research to members, state and local associations, the media, Congressional staffers, and other real estate-related industry groups. T.J. is a proud graduate of the College of William and Mary in Williamsburg, VA, and is currently pursuing a Masters from Georgetown University in Public Relations and Corporate Communications.

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