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Health & Fitness

Home Seller Generational Trends 2013

The National Association of Realtors (NAR) conducted and released a study on the Home Buyer and Seller Generational Trends.  NAR compared the six generational categories: Millennials (32 and younger), Gen X (33-47), Younger Boomers (48-57), Older Boomers (58-66), Silent Generation (67-87), and the G.I Generation (88+).  From their findings, Gen X consisted of the largest group of recent home sellers followed up Younger Boomers, Older Boomers, Silent Gen, Millennials, and G.I. Gen.  As expected 84% of younger generations were first time sellers, where as the majority of older generations were repeat sellers.  An interesting trend, NAR discovered was the price differences between generations on the home that was sold compared to the home purchased.  Younger generations had a range of $73,000-$97,000 price increase in the home that they bought compared to the one that they sold, and older generations had a decreased price range of -$11,000-$24,000.  This can be explained by younger generations buying bigger homes and older generations moving to smaller homes.  As far as the primary reason for selling their home, younger generations concluded that their previous home was too small and older generations wanted to move closer to family and friends.  Across the generations the majority of each category used a real estate agent in the process of selling their home, but each category sought out different reasons to why they wanted to use an agent.  Younger generations put more emphasis on selling their home within a specific time frame and older generations wanted an agent to help market their home for buyers.  All generations found reputation of their agent to be the utmost importance when selecting one, but younger generations wanted someone trustworthy and honest, and older generations wanted someone with knowledge of the neighborhood.  To view the complete study conducted by NAR visit here.


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