Wednesday, February 18, 2015

Millennials Confident in Home Purchase Investment

According to the 2013 National Association of Realtors Home Buyer and Seller Generational Trends report, Millennials are more confident than any other age group that their recent home purchase was a good financial investment.  8 out of 10 home buyers consider the purchase of a home a good investment, but the number rises 5% to 85% of Millennials considering their new home a sound financial investment.

Many factors contribute to the Millennial generation's confidence in purchasing a home, including the fact that more than any other generation, they are confident in their ability to use the internet to research and plan the entire purchase, from down payment programs to mortgage costs, to the types of neighborhoods that will suit them best. They enter into the home buying process with great awareness of what they want and what is on the market, and 90% of Millennials frequently use the internet to search for properties.

Does that mean Millennials don't use Real Estate agents? Absolutely not! Like the vast majority of home buyer's, Millennials still rely on the expertise and knowledge a professional real estate agent brings to the table, and more than any other generation they cite an agents honesty and trustworthiness as the most important factor in which agent they choose.

What are the generational trends in today's home-buying market? According to the study, Generational buyer's can be broken down as follows:
  • Generation X (1965-1979) account for 31% of recent purchases
  • Millennials (1980-2000) 28%
  • Young Boomers (1955-194) 18%
  • Old Boomers (1946-1954) 14%
  • Silent Generation (1925-1945) 10%
Although they types of homes, and to some extent the home search, may change through the generations, one thing remains clear - regardless of what generation is doing the purchasing, the majority of home buyers (and sellers) rely on a professional real estate agent to help guide them through the transaction.

The Foster Beckman Group would love to help you find your new home or sell your current home. We work closely with all of our home buyers and sellers to help you find the right home at the best price for the least amount of stress! Call us today at 702.686.2695.