Generation Gap
Buyers and sellers are not all alike. Younger buyers in their 20s and 30s approach the home sales process differently than older adults, according to the 2014 National Association of REALTORS® Home Buyer and Seller Generational Trends Survey. Specific findings include :
- All homebuyers, regardless of age, typically began the home-buying process by looking online for properties for sale and then contacting a real estate agent.
- Younger buyers were more likely to first learn about the home they purchased via the Internet. Older baby boomers and members of the silent generation typically learned about the home they purchased from their real estate agent.
- Younger buyers relied on real estate agents to help them understand the buying process, while older buyers appreciated REALTORS® ability to point out unnoticed features or faults with the property.
- Buyers of all ages were most often referred to their agent by a friend, neighbor or relative, although older buyers were more likely to have worked with the agent they had used previously to buy or sell a home.
- In choosing a real estate agent, the agents honesty and trustworthiness were the most important factors for all ages, except for senior buyers who considered the agents reputation as most important.
- Nearly 9 out of 10 buyers of all age groups were satisfied with their agents honesty and integrity, their understanding of the purchase process and their knowledge of the real estate market.
- Sellers of all ages typically found a real estate agent through a referral or friend, or used the same real estate broker or agent from a previous transaction.
- While all sellers wanted help in marketing their home to potential buyers, younger sellers were more likely to want their agent to help with selling the home within a specific time frame and pricing the home competitively.
- Nearly 9 out of 10 buyers say they were likely to use their agent again or recommend the agent to their friends and family.
