Highlights The Characteristics of The Home Search Process
The National Association of REALTORS conducts annual studies to amass data to compile and complete their yearly Home Buyer and Seller Generational Trends Reports. But first, it is important to have a clear picture of who makes up each of the generations within this report. The following generational definitions are based on a report published in the REALTOR University’s Center for Real Estate Studies. The splitting of the younger and older baby boomer age group is based on research from the Pew Research Center.
Millennials/Generation Y: Born 1980-2000
Generation X: Born 1965-1979
Younger Baby Boomers: Born 1955-1964
Older Baby Boomers: Born 1946-1954
Silent Generation: Born 1925-1945
The following highlights the “Characteristics of The Home Search Process” from the trends report for the 12-month period ending June 2014:
- For ALL generations, the 1st step in the home-buying process was searching the internet. Gen Y was the most likely to also search for online info about the home-buying process, while the Silent Generation was most lilely to contact a real estate professional for additional info about the process.
- As age increased, the online search time decreased. Buyers under 50 tended to search for a home for 11 weeks before finding a home. Buyers over the age of 49 tended to look for 8 weeks.
- Younger generations of buyers typically found the home they purchased on the internet, while older generations of buyers first found the home they purchased through their real estate agent.
- As age increased, the home buyer was less likely to consider purchasing a foreclosure.
- The frequency of internet use in the home search process was directly related to age. Younger buyers were not only more likely to use the internet during their search, but they also used the internet more frequently during their home search process.
- More than 50% of Gen Y and Gen X buyers used a mobile device during their home search. Among those who did, 31% of Gen Y and 26% of Gen X found the home they ultimately purchased via a mobile device.
- Home buyer satisfaction with the home buying process increased as age increased. This may have been due to tightened inventory in lower price brackets as well as realistic expectations of older buyers who have often purchased a home before.
We hope you found this post to be informative and interesting … Watch for our next BLOG POST on May 7th which will cover more generational trends from the 2015 report highlighting “Home Buying – Home Selling and Real Estate Professionals”. To learn more about Tampa Bay area homes for sale in Spring Hill and Brooksville, located in Hernando County, Florida, visit us @ GailSellsFloridaHomes.com.
Until then… it’s all about YOU!