Realtors can help you purchase a home at any age

Homebuying at any age

The generation break down as follows: Generation Z is ages 18 to 21, millennials are ages 22 to 40, Generation X is ages 41 to 55, boomers are ages 56 to 74, and the Silent Generation is 75 and older.

It’s not easy being a homebuyer at any age. Gen Z buyers make up only 2% of real estate sales, according to the most recent statistics from the National Association of Realtors. The next smallest group of homebuyers is the Silent Generation who typically buy homes in small towns. This group also has the highest number of military veterans, and stand firm on their preferences and parameters when purchasing a home.

Who is the largest group of home buyers today? The millennials – currently at 37%. It’s interesting to note the older millennials are the most educated out of all the generations of buyers/ What would you guess about Gen X? This group of homebuyers spends the most on their purchase and choose the biggest homes. Gen X is the most ethnically and racially diverse group of homebuyers, and comprises of 24% of all homebuyers.

The boomers are the group I would have thought would purchase the most expensive homes, but they are the most likely to buy new construction and own their homes longer than any other generational group. Your Realtor is prepared to work with all age groups. It is the youngest buyers that find their new home online 60% of the time, but find the buying process to be difficult to understand. A Realtor knows to take time to listen , answer all questions and explain the paperwork and process thoroughly.

As buyers age into the millennials category, it is the mortgage loan process they find confusing. There are many types of mortgage loans and a plethora of online resources for information. Your Realtor can make a recommendation of lenders they know who will explain the mortgage products and recommend what will work best for you. The quality of neighborhood was the millennial’s No. 1 priority in selecting their new home. It is the Gen X group that uses both computers and phones for their home search (younger buyers use phones more and older buyers use computers more). As you might have guessed, it’s the Silent Generation that still enjoys the real estate section of the newspaper more than other age groups.

Which group do you think has the largest number of female buyers? It’s the older boomers. Surprised?

Referrals are a hug part of how Realtors obtain clients. Which group enjoys asking and giving referrals the most? Millennials. Your Realtor is a highly-trained professional who is capable of working with all generations. Ninety-four percent of buyers who used a Realtor report are satisfied with the home-buying process.

Your Realtor will help you understand the process, point out property features (and faults), negotiate on your behalf for better terms, provide a list of service providers and help to improve your knowledge of the area. You can rely on your Realtor – at any age.