Last week, NAR released a report on generational homebuying trends. NAR 2015 President Chris Polychron offers his thoughts on the report:
“Generations come and go. The author George Orwell one pointed out that ‘Each generation imagines itself to be more intelligent than the one that came before it and wiser than the one that comes after it.’
That’s why it’s so great when NAR Research sets us straight by providing “just the facts.” Their latest report, the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends, examines the generational differences among recent home buyers and sellers.
It’s enlightening. Just when we thought the millennial generation was going to ring the death knell of the housing market by opting out of it, the latest generation of breadwinners is defying our expectations by jumping into homeownership with both feet. (SPOILER ALERT: In fact, millennials, who are 34 years old and younger, were the largest group of buyers for the second year in a row.)
We thought the American Dream of homeownership might be fading for this younger generation. Instead the desire to own their own home was cited most often by millennials at 39 percent.
We thought they didn’t believe housing was a good financial investment. Yet 79 percent of homebuyers considered their home purchase to be a good investment, led by millennials at 84 percent.
And we thought millennials weren’t using Realtors®. While they join the majority of buyers in shopping for homes online, they still choose an agent to help them close the deal. Actually, millennials lead all buyers in being most likely to use a real estate agent.
So thank you to NAR Research for throwing some much-needed light on the subject.”
The report has been covered in Forbes, MarketWatch, and Realuoso, as well as numerous local outlets.
You can find the full report at: http://www.realtor.org/reports/home-buyer-and-seller-generational-trends.