Who is Buying a Home Today?

Every year, the National Association of Realtors researches home-buying trends. The 2013 report includes an interesting overview of buyers’ ages today.

Generational trends are:

·        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.

Here is a breakdown of generations:

Generation	Born between
Gen Y	1980 – 1995
Gen X	1965 – 1979
Younger Boomers	1955 – 1964
Older Boomers	1946 – 1954
Silent Generation	1925 - 1945

From 2013 NAR's Profile of Home Buyers and Sellers

What are the Gen Y-ers buying?

Today’s First-Time Home Buyers are Gen Y-ers – so… what are their characteristics?

Gen Y or Generation Y are those born between 1977~1982 and 1995~2001 making them 12 to 36 years of age today. They are the children of Baby Boomers, and in some cases, grandchildren.

Having spent their formative years or young adult lives in an unstable and unreliable economy, they may seem to be less caring and more self-centered. But various studies have shown that, in fact, it is the opposite.

Gen Y-ers have strong social and environmental values and concerns, and are in search of more caring and compassionate relationships, as is evident in the demand for same-sex marriages and environmental responsibility. They are techno-savvy and research everything from neighborhoods and schools to home loans and insurance.

Having been through a depression, they want value for their money.

How does this translate into home-buying? In 2 words: Going Green.

1.      They want energy efficiency - straight and simple. In appliances, insulation, windows, and roof.

2.      They strive for a more eco-conscious lifestyle in terms of water usage and use of up-cycled goods.

3.      They will shop around a lot more for a home.

 

Search for all available homes in Columbia and Lexington at www.homesincolumbiasc.net.