NOVA Homes Blog: How Buying a Home in NOVA Differs by Age

Tuesday, July 9, 2013

How Buying a Home in NOVA Differs by Age

With a big senior citizen housing boom on the horizon and a current flood of millennial homebuyers entering the real estate market, it's quite obvious that trends in buying a home in Northern Virginia will differ by age. For instance, while Gen X is the largest group of recent homebuyers in the country, what they want in their homes is different from what Gen Y desires.

According to the National Association of Realtors Home Buyer and Seller Generational Trends report released today, "Gen Xers (31 percent) were followed in numbers by Gen Y buyers (28 percent), and then younger Baby Boomers (18 percent), older Baby Boomers (14 percent), and the Silent Generation (10 percent). The Greatest Generation, also known as the G.I. Generation, represented less than 1 percent of recent buyers."

The survey, which included a 8,501 recent homebuyers, showed that 80 percent of homebuyers aged 57 and younger purchased a detached, single-family home last year. Homebuyers over the age of 57 were more interested in purchasing a townhome or condo, according to the survey. In addition, like many NOVA homebuyers today, the report also found that a majority began their home search online, looking for houses for sale.

Gen X seems to be the dominant group in real estate right now, on both the buyer and seller front, and are the least likely of those surveyed to finance their home purchase. However, when they do finance their NOVA home, the amount of the home they financed is typically smaller than that of younger homebuyers.

The common denominator in the survey? Both groups were likely to use a real estate agent, with younger sellers more likely to use the same agent in future home purchases than the older sellers. Both groups reported benefits from using a real estate agent.

Ready to buy a NOVA home? I'm ready to help! Begin your search online or contact me to discuss your real estate options.

Earle Whitmore

Long & Foster Real Estate, Inc.
Visit Our Website
View Northern Virginia Homes for Sale
Become Our Facebook Fan
Follow Us On Twitter
Connect With Us On LinkedIn

No comments:

Post a Comment

..........................................

When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
View My Complete Profile

......................................

Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
Earle has assembled some helpful resources to help you with finding your new home. From her comprehensive list of Local Links, her Home Style Guide, or hands on personal help, described below, you know you can count on Earle.