The National Association of Realtors has new data showing that Generation X makes up the largest group of recent home buyers, edging out Generation Y and younger by 3%. Combined, GenX's 31% and GenY's 28% puts the under-47 population in the clear majority when it comes to purchasing homes.
These younger, more tech-savvy buyers are changing the workflow for real estate sales, as they are using the Internet and mobile tools more throughout their search. But younger buyers are still staying connected to real estate agents, as the survey shows that 90% of buyers under the age of 47 use a broker for purchases.
The survey also shows that despite heavy Internet searches - 90% of buyers under the age of 32 reported "frequent" use of the Internet to search for homes - 53% of buyers under the age of 32 reported that what they want most from a broker is help finding the right property.
Younger and older buyers are also using brokers differently during the home buying process. Among buyers under the age of 32, the most heavily reported benefit of using a broker was help understanding the purchase process; whereas for buyers between the ages of 58 to 66, the most heavily reported benefit of a broker was their identification of flaws and faults in a property the buyer was considering.
· Home Buyer and Seller Generational Trends [National Association of Realtors]