The Demographics of the Market


Market demographics are important. What sorts of people should mature buyers be paying attention to when they want to sell?

In previous entries, I’ve discussed creative ways that mature buyers, aged 62 or older, can purchase homes and get financing in order to compete with first-time homebuyers. Since then, I’ve gotten some feedback, and I noticed a number of people asking about demographics. Who are these first-time homebuyers? Based on a statistical survey from the National Association of Realtors, for the last four years, 34% to 36% of buyers coming on to the market have been millennials. This group is defined as the generation of people born after 1981—those between the ages of 37 and 17. Of those 36%, roughly two-thirds are first-time homebuyers, and the other 12% are buyers in their thirties who are often move-up buyers.

34% to 36% of buyers coming on to the market are millennials.
We can see the trend of mature buyers selling their homes to move into a retirement home, out of the area, or out of state at the same time that 12% of millennials are moving to a suburban area to look for single-family homes. Demographics are important. The selling season will be starting in the next two months, and the market is heating up. With that in mind, agents should know who their customers are so that when you go to sell, they’ll have an idea of how to cater to the buyers on the market. If you have any questions, feel free to reach out to me. I'd be happy to help you.

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