I had been reading many articles over the past year or two and had gained some valuable information about the real estate market and how the inventory was divided among the different generations of sellers.
I thought what I had read in previous renderings was fairly accurate, but after further research and more updated data, I have found that previous articles may have been only partially correct, based on the way their information was derived.
Many previously had been staying in place, working part-time jobs.
However as they grew older and their friends moved away or many times outlived them and lastly, children were not living nearby. However, children that lived nearby made it easier, in the event of needing assistance with their every need and want.
However, it appears that baby boomers and the silent generation have now remarkably begun to move in 2018 as per the National Association of Realtors Report on: Home Buyer and Seller Generational Trends.
Younger (80 percent)and older boomers (80 percent) and the silent generation (79 percent) were actually moving and comprised the majority of sellers in 2018.
A smaller segment 3-4 percent, of those groups who owned townhouses, duplex/condos also moved but had less of an impact on the market. The majority who were selling in 2018 (83-89 percent) had three+ bedrooms and (26-37 percent) had three + bathrooms.
Those who had two bedrooms (10-17 percent) and two bathrooms (55-66 percent) made up the balance of the market. Real Estate is a local business; however, variations in these statistics were impacted by the geographic areas of the country. It was noted that many were not staying in a three-bedroom and two-bath colonial home.
So based on the data from this report from April 2019 from the National Association of Realtors, the three groups are moving; however, in certain regions the numbers will vary. So in 2018, 43 percent of baby boomers and 12 percent of the silent generation made up 56 percent of the market of the sellers.
The main reason was to be near family and friends, which to me sounds very logical and the best reasons to consider moving (and sometimes warmer weather too). I will do further research to determine if Long Island towns fit the model that was described in the April 2019, National Association of Realtors report, “home buyers and sellers trends.”
As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in?
Since 2013, the National Association of REALTORS® has been writing the Home Buyers and Sellers Generational Trends Report. This report provides insights into differences and similarities across generations of home buyers and home sellers. The
home buyer and seller data is taken from the annual Profile of Home Buyers and Sellers.
• Younger Millennials are broken out in this report—at 11 percent they are now a larger home buyers group than the Silent Generation (7 percent).
• Millennials overall remain the largest generation of buyers.
• One in four younger Boomer and Silent Gen buyers are single females
• Older Millennials are most likely to have children under the age of 18 in the home at 69 percent.
• Gen Xers are now most likely to buy a multi-generational home at 16 percent.
• Younger Millennials purchase homes through agents, with the highest share of any generation at 92 percent.
*CREDIT TO CAREERPLANNER.COM and Article sourced with permission from KeepingCurrentMatters.com”
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave. Suite 180 Great Neck. He has earned designations as a Graduate of the Realtor Institute and a Certified International Property Specialist. Receive regular free updates of sold homes in your area and a free comparative market analysis” of what your home would sell for in today’s market.