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CHICAGO – March 19, 2018 – Millennial buyers are more diverse and mobile than their predecessors, and expect real estate professionals to be totally tech-savvy, right?
According to certain data points from the National Association of Realtors®' (NAR) 2018 Home Buyer and Seller Generational Trends Report, that may not be universally true.
NAR released the report is based on a survey mailed out to a random, geographically weighted, sample of 145,800 recent homebuyers last year. The respondents purchased a home between July 2016 and June 2017 and provided information about their experiences during that 12-month period.
The study confirms trends that have been developing over the past few years, such as low inventory, rising prices and the long-awaited entrance of millennials into the housing market.
"Realtors throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year and the mounting frustration once they begin actively searching for a home to buy," says NAR Chief Economist Lawrence Yun. "Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth, and the need to save more in order to buy."
However, the report also turned up a few unexpected data points. Here are five tidbits from the report that might surprise a few real estate pros.
Source: Meg White, Realtor® Magazine
© 2018 Florida Realtors®. All rights reserved. Reprinted with permission.
I am a REALTOR® licensed by the State of Florida and Seniors Real Estate Specialist, SRES®, with Grand Living Realty, where 'The GoToby Team' helps fellow aged 50+ buyers and sellers achieve improved outcomes in real estate transactions by integrating real estate decisions with other age-related decisions/plans through my broad network of respected service providers; financial, wills, trusts, probate, insurance, healthcare, home services, recreation, lifestyle, estate planning, and adult living facilities.
Take advantage of my "Been there. Done that." experience, typically at no additional cost to you. Call me at (386) 931-7124 or email me at Toby@GoToby.com.