This past year has taught us a lot about the buying trends and the generations behind each. Knowing these trends could help when you decide to list your home and could result in a quicker sale. See the rundown of each generations spending habits and buying requirements.
Generation X: Returns To Homeownership After The Recession
The housing crisis of 2007-09 put more than 10 million Americans out of their homes. Forced into foreclosure and bankruptcy, the financial aftermath of that catastrophe is finally coming to an end.
Those that filed for bankruptcy during the crash are in position to put their rebuilt credit to work. According to reports, approximately 1.5 million people could become eligible to re-enter the housing market in 2019.
A large portion of these potential returning homebuyers fall into the Gen X age group. They are likely to be savvier than the first time out. Many of these 50-somethings are expected to be frugal and cautious value buyers that could target properties that are traditionally considered starter homes. Regardless of how the trend plays out, Gen X is coming to a housing market near you.
Millennials: Join The Market As First Time Buyers
According to resources such as Zillow, low inventory and the emergence of Millennials in the home-buying market helped break records last year. Millennials comprised upwards of 34 percent of the market and approximately two-thirds of them were first-time home buyers.
Given the shortage of entry-level homes 2019 should have them in the driver’s seat in the housing market.
Gen Z: Are The Future Buyers Of Smart Homes
Considering that those born between 1995 and 2001 are all adults by now, its no surprise that this group has made it onto a list about homebuyers. Most Gen Z’s will either be entering college or graduating college and is known to be the most tech savvy of the bunch. This generation was practically weaned on technology.
So, it shouldn’t come as a surprise, that when this bunch does officially enter the housing market they’ll be looking for smart homes. Homes with all the tech advances and smart features they’ve become accustomed to.
If these trends indicate anything, its that the number of buyers are increasing. But these of savvier buyers who understand their worth and their dollars worth.