When it comes to Real Estate news and market trends not all regions are exactly the same but we are seeing similar trends all over the country right now. In Rocky River, Fairview Park, Lakewood, Westlake, Bay Village and Avon Lake we are seeing all kinds of buyers and sellers, from all generations. But By far the largest group of both buyers and sellers that we are currently working with tend to be what we would classify as Generation X ages 33-47. We are not alone here in the Cleveland area, according to Realtor Magazine “Generation X made up the largest chunk of home buyers, at 31 percent, between July 2011 and June 2012, according to the National Association of REALTORS®’ “Home Buyer and Seller Generational Trends” report. Generation Y—those 32 and younger—made up the second-largest group, at 28 percent, followed by younger baby boomers (18 percent) and older baby boomers (14 percent).”
This report also Highlighted a specific generation, known as the Millennials, those born between 1980 and 2000, the report illustrated that this age group continues to see homeownership as a good investment.
Detailing satisfaction rates among new home buyers and sellers, the study saw an increased number of Millennial buyers who believed buying their home was a good investment, at 85% versus the overall study rate of 80% and all home buyers surveyed reported the internet and online property search as their first step in the home buying process, making online home marketing a critical step when buying and selling your home.
Other study differences showed that younger sellers are more likely to use the same real estate agent in home purchasing and that younger buyers also want their agent to help them understand the home buying process. Another interesting statistic showed 80% of buyers aged 57 and younger buying detached single-family homes, while home buyers over the age of 57 tended towards purchasing townhouses or condominiums. See the full survey report by clicking here.
According to the Fannie Mae’s Economic & Strategic Research Group forecast, economic growth continues to increase through 2013 and the housing market is steadily recovering. Fannie Mae Chief Economist Doug Duncan reported, “Our macroeconomic and housing forecast shows very little change from July, and the steady pickup during the past few months validates our expectations for the second half of the year.” Although increased mortgage rates have impacted home refinance activity, Fannie Mae reported it having little, if any, impact on current home buying. To hear more on this, consult the August 2013 Fannie Mae Economic Outlook which expects your home prices to continue to increase, though at a less dramatic pace than has been seen in the last year.