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NAR Report Younger Home Buyers Influence Real Estate Market
By Reginald Sullivan | September 21, 2006
In a recent report from the National Association of Realtors it was announced that consumers in their 20s are buying homes at an age younger than their siblings. They’re not waiting for marriage or long-term relationship before they decide to purchase a home.
Experts say many younger people have seen the wealth-building effects of homeownership in their parents’ real estate experience, and “understand the value of housing as a good long-term investment.”
There has been a steady increase in first-time home buyers under the age of 25. Research shows this trend is in response to low interest rates.
Other trends of note:
While married couples are the rule, they are a much smaller share of the home buying market. Ten years ago married couples were 70 per cent of the market; in 2005 they were just 61 per cent of the home purchasing public.
Meanwhile between the same period the percentage of single women who purchased homes increased to 21 percent, up from 14 percent in 1995.
Other research also found that the new home purchasing consumer is disposed to using the Internet and other technology to conduct their search for a home. Those who used the Internet, (38 years old) , were found to be 11 years younger than those, (49 years old), who did not use the technology to look for a home.
As would be expected real estate professionals are adapting to meet the needs of the new younger growing population of first-time home purchasers. I am proud to be a part of that group of skilled, licensed, thorough service providers.
Call me, Reginald Sullivan, direct at 478-447-9517, for assistance when you are ready to buy your first home or your next investment property.
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