Brett Weinstein Berkeley, CA Real Estate Broker with Realty Advocates Remarks on NAR Research Report of Home Buyer and Seller Generational Trends
Berkelely, CA (PRWEB) July 12, 2013 -- Brett Weinstein Berkeley, CA Real Estate Broker with Realty Advocates remarks on the NAR Research Report of Home Buyer and Seller Generational Trends(1) which shows Millennials are more confident than any other age group that their recent home purchase was a good financial investment. The study found that Generation X Americans, those born between 1965 and 1979, were the largest group of recent home purchasers, who comprised 31 percent of recent purchases. Millennials, sometimes called Generation Y, those born between 1980 and 2000, were second at 28 percent while 18 percent were Younger Boomers, those born between 1955 and 1964; 14 percent were Older Boomers, Americans born between 1946 and 1954; and 10 percent were from the Silent Generation, those born between 1925 and 1945. “Homeownership is an investment in your future, and is how many younger American families begin to accumulate wealth,” said Paul Bishop, NAR vice president of research. “The oldest of the Millennial generation are now entering the years in which people typically buy a first home, and despite the recent downturn, homeownership still matters to them. The sheer size of the Millennial generation, the largest in history after baby boomers, is expected to give a powerful boost to long-run housing demand, though in the short-term mortgage accessibility and student debt repayment remain challenges.” A rare, architecturally intact, 1914 Arts and Crafts style home in Rockridge will be coming on the market on July 18 and is located at 5323 Broadway. It is one of the best examples of the Arts and Crafts style homes for sale in Rockridge.
Weinstein points out the study says older generations of home buyers would rather purchase more recently built homes, versus older homes. Millennials usually bought homes built in the mid-1980’s, nearly a decade older than the homes typically bought by the Silent Generation. Younger buyers prefer to stay closer to their previous residence, often staying within 10 miles, whereas older buyers tended to move farther away, typically more than 20 miles from their previous home. Younger buyers were more likely to buy in an urban or central city area than older buyers; 21 percent of Millennials bought a home in an urban location compared to only 13 percent of Older Boomer and Silent Generation buyers. The reason for buying a home also varies across the generations; younger buyers most often cited the desire to own a home of their own whereas older buyers wanted to be closer to family and friends. When it comes to factors influencing neighborhood choice, younger generations cited convenience to jobs, affordability of homes, and quality of the school district. Older generations placed higher importance on convenience to family and friends and healthcare facilities. When it comes to a home’s green features, younger buyers placed higher importance on commuting costs than older generations who placed higher importance on a home’s energy efficient features and living in an environmentally friendly community. A great example of homes for sale in Oakland or recently sold is 430 Mcauley, which sold for almost 20 percent over its asking price.
Weinstein notes when it comes to selling, the largest group of recent home sellers was from Generation X, comprising 30 percent of recent sales, followed by Younger Boomers (21 percent), Older Boomers (21 percent) and the Silent Generation (19 percent). Like buyers, older sellers tend to move greater distances, and are more likely than younger generations to move out of the state or region. While younger buyers typically moved to larger, higher priced homes, the data shows a clear trend of downsizing to smaller, less expensive homes among the Older Boomer and Silent Generations. Usually the older the seller the longer the tenure in the home, while Millennials had been in their previous home for a median of five years, Gen X-ers stayed 8 years, Younger Boomers owned their home for 11 years, Older Boomers stayed for 13 years, and the Silent Generation kept their previous home for 15 years. The reasons for selling a home also varied among the generations. Younger buyers were more likely to move to accommodate job relocation or desired to upgrade to a larger home. In comparison, older buyers were often looking for a smaller home due to retirement and because upkeep was too difficult due to health or financial limitations, or to be closer to family or friends. Other homes for sale in Berkeley or recently sold include 644 Vincente Ave in Berkeley which sold for almost 8 percent over the original asking price.
About Brett Weinstein, Realty Advocates Broker
Brett Weinstein started his real estate career in 1983, buying, renovating and renting/selling houses in the East Bay. Working closely with the Realtors® who were part of his team, he saw the possibility of creating a real estate agency that delivered maximum value to the client. In 1986, he co-founded Realty Advocates to bring a new ethos to residential real estate: providing premier service and greater bottom-line value. Weinstein enthusiastically takes the role of a true advocate for his clients. With refreshing candor, he demystifies the real estate world and makes the whole process feel effortless. He taps his background in architecture and his extensive knowledge of current construction costs to help sellers make smart upgrades to their home before selling and to help buyers budget for repairs and improvements as they prepare to make an offer. Brett Weinstein can be reached via email at brett(at)realtyadvocates(dot)com, by phone at 510-428-0757, or via his website at realtyadvocates.com
Suzanne Bourgault, QResonate.net, http://qResonate.net, 1-866-558-2557, [email protected]
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