This month, NAR released its Home Buyer and Seller Generational Trends report and it produced some interesting findings. With four different generations (Gen X, Gen Y, Baby Boomer and Silent) in the market looking to buy a home, their needs can vary greatly.
Here are some of the findings:
At least 80 percent of buyers who are aged 57 and younger bought a detached single-family home, while it is increasingly common for buyers over the age of 57 to purchase townhouses and condos.
Among age groups, younger buyers are more likely to want the agent to help them understand the process as they are more likely to have never purchased a home before.
Older buyers are less likely to finance their home purchase in comparison to younger buyers; when they do finance, the share of the home they financed is typically smaller.
Younger sellers are more likely to use the same real estate agent or broker for their home purchase than older sellers.
To help you better understand the characteristics of each generation, AAR will be offering the course Generation Buy, on August 15, at the Arizona Association of REALTORS® office in Phoenix. This one-day course will provide you with generation-specific marketing tools, networking tips, scripts and counseling strategies to help you improve your business and make a lasting impression on any client you have. Taught by Evan Fuchs, ABR, CRS, GRI and Stacey Onnen, ABR, GRI, RSPS, SRS, this course will also help you to meet the needs of each different generation, ensure that your communications always hit the mark and your transactions close without a hitch.
This course is $59 and includes lunch. To register, visit www.regonline.com/GB2013