Highlights The Home Buying and Real Estate Professionals
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, Generations 2010.
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 “Home Buying and Real Estate Professionals” from the trends report for the 12-month period ending June 2014:
- Buyers gain many benefits from working with a real estate professional. Among age groups, younger buyers were more likely to want their REALTOR to help them understand the process as they were more likely to never have purchased a home. Buyers all felt they benefited from their REALTOR pointing out unnoticed features and faults in a property. Across the board, all buyers mainly wanted their agent to help them find the right home to purchase.
- Younger buyers were predominately referred to their real estate professional through a friend, neighbor or relative. Older buyers were more likely to use an agent again with whom they used previously to buy or sell a home.
- When choosing an agent, younger buyers were more likely to place the agent’s honesty and trustworthiness of more importance than older buyers. Older buyers rated the agent’s reputation as a higher factor. Older Boomers who more often times moved longer distances, tended to rate their agent’s knowledge of a neighborhood as an important factor. This was probably due to the fact that Older Boomers would not necessarily have known the new neighborhoods in which they were interested.
- Younger buyers tended to place high importance on an agent’s communication skills via email and text messages. Conversely, older buyers placed higher importance on their REALTOR’S personal phone calls.
We hope you found this post to be informative and interesting… Watch for our next BLOG POST on May 21st which will cover more generational trends from the 2015 report highlighting “Financing the Home Purchase”. 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!