Millennials Top All Home Buyers

Just read this interesting article from our local board of Realtors, thought it was worth sharing:
Millennials Top All Home BuyersMillennials
For the fourth year in a row, millennials comprised the largest number of recent home buyers: 34% millennials (buyers 36 years and younger); 30% baby boomers (buyers 52-70); 28% Generation X (buyers 37-51); and 8% the silent generation (buyers 71-91). NAR’s recently released 2017 Home Buyer and Seller Generational Trends study reveals that more millennials are buying outside the city; student debt is common among Gen X and boomer households; and a growing number of millennials and younger boomer buyers have children living at home.

All but the oldest of buyers started their home search online. All generations typically looked at 10 homes over a 10 week period. Eighty-eight percent of purchases were financed. Millennials were most likely to consider buying a foreclosure property. Overall, buyers expect to live in their homes for a median of 12 years.

The typical seller sold their home for $43,100 more than they paid. Homes typically sold for 98% of the final listing price. The typical home purchased was 1,900 square feet with 3 bedrooms and 2 bathrooms, built in 1991.

Regardless of age, buyers and sellers continue to rely on real estate agents and brokers. In the 2017 study, nearly 90 percent of buyers and sellers worked with a real estate professional. This kept for-sale-by-owner transactions down to their lowest share ever (8 percent.) All generations of buyers relied on real estate professionals to help them find the right home, negotiate terms of the sale and help with price negotiations. Sellers also turned to real estate professionals to help market their home to potential buyers, sell within a specific time frame and price their home competitively.

If you’re thinking of buying or selling a home here in Roanoke, Virginia our team would love to help you get successfully from one door to the next.  With over 40 years combined experience you can rest assured you’ll have the experience and expertise you’re looking for.  Give us a call at 540-725-7727 or email us thecrouchteam@gmail.com.

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