This age group buys the most homes

As a South Carolina real estate agent, it’s helpful if you follow purchasing trends. Such trends can also help you determine whether you’d like to focus your efforts and services in a specific niche. When monitoring purchase habits, one trend to look at is “age group.” In other words, is there a particular generation of people who are buying homes at a faster rate than other age groups?

The four generations that typically purchase homes are Baby Boomers, Generation X, Millennials (also called, “Generation Y) and Generation Z. If you’re a Boomer, you were born between 1946 and 1964. From 1965 to 1980, you were born into the Gen X era. Millennials (or Gen Y) came into the world from 1981 to 1994. Finally, if you’re a Gen Zer, your birthday falls between 1995 and 2012. Generation Alpha is the current generation, still too young to buy houses. Next, “Generation Beta,” will be born between 2025 and 2039.

Baby Boomers reportedly comprise most of the current real estate market

Although it wasn’t always so, current data shows that Baby Boomers buy more homes than any other age group. Interestingly, they also tend to stay in a home they own longer than other generations. A Boomer will usually live in the same house for at least 10 to 15 years before selling. Speaking of selling, however, Boomers also sell more homes than people from other age groups, which makes sense.

Right now, Baby Boomers make up approximately 39% of home sales in South Carolina and throughout the country. Which generation ranks lowest for home purchases? That would be Gen Z, who comprise a mere 4% of home buyers at this time.

Generation Z goes directly from a family member’s house to their own

An interesting sidenote regarding the home purchase trends of Generation Z is that they are known to go directly from living with family to moving out and purchasing a home of their own. This is a unique trend as there is no “in between” phase for this generation, where they leave their parents’ home but rent an apartment or house before buying.

Remember this about Boomers if you’re trying to sell them a house

According to this article, there are three key factors to remember when working as a listing or buyer’s agent for clients who are Baby Boomers. First, Boomers are a highly active group and are “young at heart.” They do not want to be treated as if they are elderly. Secondly, Boomers are a give-and-take generation who were raised to believe that customer service matters. In real estate, this translates to “They’ll scratch your back if you scratch theirs.”

If you treat your Boomer clients right, they will reward you—with referrals! They also expect stellar service, so you’ll want to be willing to go the extra mile if you hope to gain a loyal clientele from this generation. Use this helpful information about generational buying trends to help you succeed in real estate!

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