How important are the members of Generation X? According to a new report from the National Association of Realtors, they’re driving the housing market.
According to the survey, Gen X buyers make up the largest group of recent home buyers. Next come members of the Gen Y generation and then younger Baby Boomers.
Members of Generation X are also the most common sellers of homes, so this generation really is providing the spark for today’s solid residential real estate market.
By doing this, of course, Generation X members are also providing a boost to the commercial real estate industry. We all know that the commercial market doesn’t thrive if the country’s housing market isn’t strong, too. If homes are losing value — and owners are struggling to sell their properties — than consumers are less likely to spend big on automobiles, furniture and dining out.
According to the National Association of Realtors’ 2013 Home Buyer and Seller Generational Trends, at least 80 percent of buyers who are aged 57 and younger bought a detached single-family home. It is more common for buyers over the age of 57 to buy townhouses and condominiums.
And, to no one’s surprise, the Internet has become an increasingly important tool in the home-buying and -selling process. The Realtor survey found that among all generations of home buyers, the first step in the buying process is looking online at properties for sale.
