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Kathy S. Koops GRI

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Profile of Cincinnati Home Buyers and Sellers

filed under: Real Estate posted on March 26th, 2015

The National Association of Realtors released the 2015 profile of home buyers and sellers.  The report provides tons of interesting information and numbers about the age groups fueling today’s real estate market.

Milenials and Gen Y

The largest share of home buyers @ 32%.

  • Gen Y places highest preference on convenience to job as well as affordability of real estate.
  • Gen Y had the largest share of 1st time buyers @ 68%.
  • 90% of Gen Y’s use a realtor to buy a home.
  • 39% of Gen Y buyers primarily purchased homes just because they wanted to own their own home
  • More than half of Gen Y buyers used a mobile device during their home search and those- 31% found the home they purchased via the search.

Gen X Buyers and Sellers

27% of recent buyers- the third largest group

  • Gen X placed a high importance on owning a home of their own- but many needed to move because of a change in a family situation or job related relocation.
  • Gen X to live in their home for 10 years before moving on.
  • Typical Gen Xer downpayment is 10%.
  • Like the Gen Y, more than half of Gen X used a mobile device during their home search- and 26% of those found the property they ultimately purchased as a result of the mobile search.
  • Gen X buyers tend to stay close to their previous residence- usually staying within 10 miles.

HomeSearch

Baby Boomers and Real Estate

 31% of recent homebuyers- the 2nd largest group.

  • 23% of Older Boomers and 20% Younger Boomers rank 2nd and 3rd as recent home sellers
  • Older Boomers tend to move the furthest- 30 miles away from previous residence
  • And Older Boomers place more importance on a real estate professional’s knowledge of the neighborhood.
  • 13% pf all buyers purchased a multi-generational home- and the trend was most prevalent among younger Boomers (50-59 yrs old) at 21%

Silent Generation

The smallest share of home buyers at 10%

  • Nearly a quarter of buyers over the age of 69 purchased a home in senior-related housing.
  • Only 3% are 1st time buyers.
  • More likely to purchase a new home- in order to avoid doing renovations or problems.  Also looking for amenities offered in new communities.
  • Most likely of all the groups to contact a real estate agent as the first step in the buying process.

Other interesting facts from the NAR report:

  • The older the home buyer, the fewer compromises the buyer tended to make
  • Younger buyers tend to place higher importance on an agent’s ability to communicate via txt and email, while older buyers place higher importance on personal calls.
  • Among the generations, Gen X (27%) is the largest group of recent home sellers followed by both Older Boomers (23%) and Younger Boomers (20%).
  • 16% of sellers wanted to sell their home earlier -but had to wait until they value of their home exceeded the mortgage.  This was most common among Gen X (23%) sellers.

Knowing which groups are buying and seller helps real estate agents target their marketing- which hopefully- helps the property sell quickly.

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