Who Are Today's Homebuyers?
Silent Generation: 1925-1945, Baby Boomers: 1946-1964, Generation X: 1965-1979, Millennials: 1980-1998
What Do They Want?
Detached single-family homes remain the choice of most (82%), with rowhouses coming in a distant second (8%).
Multi-generational homes are growing in popularity. 12% of homes purchased this year will accommodate aging parents, grandparents, or adult children or siblings moving back home.
Most buyers purchased new homes only about 15 miles from their previous homes. Millennials and Gen X both considered their commute times when searching for a new home.
The Home Search
Across the board, people searching for a new home hit the internet first, although that share drops a bit as the buyers' ages rise.
Website features cited as most valued:
Over 50% of millennials would be willing to use a digital assistant, such as Alexa or Google Assistant, for part of the homebuying process. However, as the transaction proceeds, even the younger buyers prefer speaking to a real person for information and updates. In fact, they prefer dealing with the same person from beginning to end, from home search to making their monthly mortgage payments.
Understanding the homebuying process is one of the things people find to be most difficult as they navigate their new home purchase. I'd love to help you guide your clients through the steps and provide excellent educational material and notifications to help make the transaction easier and more enjoyable. Let's discuss how we can work together!
Source: National Association of REALTORS®, 2019 Home Buyer and Seller Generational Trends