NAR Study Reveals: Millennials Account for Majority of Homebuyers

How well do you know your clients and prospects? To ensure the success of your business, it’s necessary to understand a homebuyer’s search habits and to recognize the qualities that make each of them unique. Homes.com’s Real Estate Trends Survey shed some light on how you are marketing your business, but this time around we’re providing you with an inside look at today’s homebuyer.

The National Association of REALTORS recently released their 2013 Profile of Home Buyers and Sellers that highlights characteristics, search habits and property interests of today’s real estate consumer. Not only will this report help you determine how you can better connect with potential clients, it also clears up what they expect from you. Homes.com has broken down this report and highlighted the details that benefit you the most. Let’s get started!

Accounting for thirty percent of the market were those between the ages of 25 and 34, once again proving that Millennials are the new face of the housing market. The medium household income of these buyers has increased to 83%, up from 2011’s study that reported a median household income of $78,600.

Although the income of buyers has increased, tightening credit has reduced the opportunities for them to purchase a home.  In result of not being able to obtain a mortgage loan, the number of first time home buyers is currently below the normal national average. If any of your clients or prospects are unsure if they have the financial stability to purchase a home, share with them the Homes.com mortgage calculator.

The good news for real estate professionals is that 87 percent of buyers are using an agent while searching for a home. The study also showed that 42 percent of buyers found their agent through a referral from a family or friend and twelve percent used online recommendations. Adding the fact that 92 percent of consumers use the internet during their home search, its never been more important to have an online reputation.

Not being able to obtain a loan has had a major impact on the number of new homes being purchased, as they represent only 16 percent of all homes purchased. Furthermore, many buyers are leaning towards purchasing previously owned homes that can be tailored to their own lifestyle. This information is valuable for real estate professionals because it allows you to narrow down the listings that many of your clients and prospects will be looking for.

Whether you’re connecting through social media or a simple recommendation from family or friends, every homebuyer is different and this information can help you better understand them. Homes.com spokesperson Barbara Corcoran recentlyhighlighted tips for success that she believes can help strengthen a brand and allow you to connect with every type of home buyer and seller. Regardless of what kind of client you are working with, Homes.com has the resources that can help you find them the home they are looking for.

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