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Real Estate Markets show young home buyers as great influence
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Tuesday, 19 September 2006

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Many consumers in their 20s are more likely to buy a home at a younger age.  The next generation of homeowners is beginning to exert influence on the housing market.  Many younger buyers have seen the wealth-building effects of homeownership in their parents and understand the value of housing as a good long-term investment.

The percentage of first-time homebuyers under age 25 has been increasing in response to historically low interest rates and continued confidence in the long-term housing market, from 11% in 2001 to 14% in 2005, according to the 2005 NAR Profile of Home Buyers and Sellers.


Younger buyers are also likely to use technology and the Internet in their home buying search. In 2005, according to NAR research, the median age of buyers who used the Internet to search for homes was 11 years younger than those who did not, at 38 and 49, respectively.

Realtors have adapted to meet the needs of this growing population of young home buyers.  More than one-third of NAR’s 1.3 million Realtor members have had special training and lots of experience in buyer representation and technology. That expertise is reflected in special designations and certifications, such as the Accredited Buyer Representative (ABR) designation and e-PRO certification. A commitment to understanding the demands of this changing marketplace is just one more way Realtors add value to the real estate transaction.


Edwina Baniqued

 
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