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trade association, representing 1.1 million members, including NARs institutes, societies
and councils, involved in all aspects of the real estate industry. NAR membership
includes brokers, salespeople, property managers, appraisers, counselors and others
engaged in both residential and commercial real estate.
The term REALTOR is a registered collective membership mark that identifies a real
estate professional who is a member of the National Association of REALTORS and
subscribes to its strict Code of Ethics.
Working for Americas property owners, the National Association provides a facility for
professional development, research and exchange of information among its members
and to the public and government for the purpose of preserving the free enterprise
system and the right to own real property.
NATIONAL ASSOCIATION OF REALTORS
RESEARCH DIVISION
The Mission of the National Association of REALTORS Research Division is to collect and
disseminate timely, accurate and comprehensive real estate data and to conduct
economic analysis in order to inform and engage members, consumers, and
policymakers and the media in a professional and accessible manner.
To find out about other products from NARs Research Division, visit
www.REALTOR.org/research-and-statistics.
NATIONAL ASSOCIATION OF REALTORS
Research Division
500 New Jersey Avenue, NW
Washington, DC 20001
202-383-1000
data@realtors.org
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
The Silent Generation (buyers 70 to 90) represents the smallest share of buyers at nine
percent. As most of these buyers are likely to have retired or scaled back their work
demands, they have the lowest median household incomes. The primary reasons to
purchase are the desire to be closer to friends and family, the desire for a smaller home,
and for retirement. The Silent Generation is least likely to purchase a detached singlefamily home. Thirty percent purchased in senior-related housing. They tend to purchase
the newest homes and are least likely to make compromises on their home purchase.
How to finance the home purchase has stayed similar to what has been reported in
past years. Eighty-six percent of home buyers do finance their home purchasea share
that decreases as the age of the buyer increases. New to this years report is the impact
of debt to saving for a downpayment. Among those who did have debt, that debt
hindered the ability to save for a downpayment. The number of years in which the debt
delayed them from saving increased as the buyers age increased. Student loan debt is
one of the debts that buyers may have. In fact, 44 percent of Gen Y buyers did have
student loan debt with a median loan balance of $25,000. The share who have student
loan debt declines as the buyers age increases. While only 11 percent of Younger
Boomers have student loan debt, they have the highest median balance of debt at
$29,100. This may be due to not only their personal educational loans, but
accumulating debt from their childrens education loans. However, if a buyer had to
make financial sacrifices to purchase their home, the share that made sacrifices
decreased as the age of the buyer increased.
Among home sellers, Gen X is the largest generation of sellers at 25 percent, followed
closely by Older Boomers at 24 percent. Consistent with past reports, Gen Y and Gen X
tend to trade up to a larger and more expensive home. Younger Boomers stay at
similarly priced and sized homes, while Older Boomers and the Silent Generation are
often downsizing to a smaller and lower priced home. Among all sellers, 14 percent
wanted to move earlier than they did, but could not because their home was worth less
than their mortgage balance. This was most common among Gen X sellers19 percent
had the situation that they could not sell when they wanted to originally.
All generations of buyers continue to consult a real estate agent or broker to help them
buy and sell their home. Buyers need the help of a real estate professional to help them
find the right home, negotiate terms of sale, and help with price negotiations. Sellers, as
well, turn to professionals to help market their home to potential buyers, sell within a
specific timeframe, and price their home competitively.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Highlights
Characteristics of Home Buyers
First-time buyers made up 32 percent of all home buyers, down from 33 percent last year. Sixtyseven percent of buyers 35 years and younger were first-time buyers, followed by buyers 36 to 50
years at 26 percent.
The typical buyer was 44 years old and has a median household income of $86,100. At 35
percent, buyers 35 years and younger continue to be the largest generational group of home
buyers with a median of 30 years old. Home buyers between the ages of 36 and 50 were
reported to have the highest household incomes among any other generation at $104,700,
followed by buyers between 51 and 60 that had an income at $100,200.
Sixty-seven percent of recent buyers were married couples, 15 percent were single females, nine
percent were single males, and seven percent were unmarried couples. The highest percentage
of single female home buyers was found in the 51 to 60 age group.
Sixty-three percent of all buyers had children living at home. Seventeen percent of buyers
between 36 and 50 years had three or more children under the age of 18 residing in the home.
Thirteen percent of home buyers purchased a multi-generational home to take care of aging
parents, for cost savings, and because children over the age of 18 are moving back. The two
largest generations of home buyers who purchased a multi-generational home were ages 51 to
60 years and 70 to 90 years, both with 16 percent of buyers.
The 36 to 50 age group showed to be the most racially diverse group of home buyers in 2015.
Twenty-five percent of this group of home buyers identified as Hispanic/Latino, black/African
American, or Asian/Pacific Islander.
The most common reasons for recently purchasing a home differed between the generations.
Among buyers 35 and younger and between 36 and 50, the main reason for purchasing was the
desire to own a home of their own, similar to last year. Looking at the 51 to 60 age category,
there was a change in the reason for purchasing from a job related relocation (16 percent) in
2014, to the desire to own a home of their own (20 percent) in 2015. Buyers who were 61 to 69
primarily purchased for retirement (20 percent), and buyers between 70 and 90 years old
purchased their home to be closer to family and friends (22 percent).
Buyers of new homes made up 16 percent and buyers of previously owned homes made up 84
percent. For buyers 35 years and younger, 11 percent bought new homes, whereas 19 percent
of all other generations bought new homes.
There was only a median of 14 miles between the homes that recent buyers purchased and the
homes that they moved from. For buyers 61 to 69 years, the median distance was 34 miles and
for buyers 50 and younger the median was 10 miles.
Most recent buyers who purchased new homes were looking to avoid renovations and problems
with plumbing or electricity at 34 percent. Buyers who purchased previously owned homes were
most often considering a better price at 32 percent. For buyers 35 years and younger, 46
percent bought new homes to avoid renovations and problems compared to 15 percent of
buyers 70 years and older. Thirty-four percent of buyers 51 to 60 years bought previously owned
homes to receive a better overall value.
The most common type of home purchased continues to be the detached single-family home,
which made up 83 percent of all homes purchased compared to 89 percent of buyers 36 to 50
years and only 71 percent for buyers 70 years and older.
Senior-related housing increased slightly this year to 14 percent of buyers over the age of 50; that
number was seven percent for buyers 51 to 60 years and 30 percent for buyers over 70 years.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Home prices increased slightly this year to a median of $220,000 among all buyers. The most
expensive homes were purchased at a median of $263,200 by buyers 36 to 50 years; the least
expensive were purchased at a median of $187,400 by buyers 35 years and younger.
The typical home that was recently purchased was 1,900 square feet, had three bedrooms and
two bathrooms, and was built in 1991. The size of homes for buyers 36 to 50 years was typically
larger homes at 2,200 square feet, compared to buyers 35 years and younger that purchased
homes at a median of 1,720. For buyers 35 years and younger, the median home was built in
1984; for ages 51 years to 69 the median was 1995.
Heating and cooling costs were the most important environmental features for recent home
buyers, with 84 percent finding these features at least somewhat important. Convenience to a
job was the most important factor for all buyers at 44 percent.
For buyers 35 years and younger, commuting cots were more important that heating and
cooling costs at 35 percent and 33 percent respectively. Compared to buyers 61 years through
69, commuting costs was listed as very important to only 15 percent whereas heating a cooling
accounted for 34 percent.
Overall, buyers expect to live in their homes for a median of 14 years, while 26 percent say that
they are never moving. For buyers 35 years and younger, the expected length of time is only 10
years compare to 20 years for buyers 61 to 69 years.
Among nearly all generations of home buyers, the first step taken was to look online for
properties. Thirty-eight percent of buyers that were 35 and younger, 43 percent aged 36 to 50,
47 percent aged 51 to 60, and 53 percent of buyers aged 61 to 69 looked online for properties
for sale. The first step that was taken by 70 to 90 year old buyers was to contact a real estate
agent.
Buyers typically searched for 10 weeks and looked at a median of 10 homes. The length of the
home search was the longest for buyers 36 to 50 years old at 12 weeks. Buyers 35 and younger
and 51 to 60 both searched for 10 weeks, while buyers 61 to 69 and buyers 70 to 90 searched for
only eight weeks. All generations except for 70 years and older viewed 10 homes, while buyers
over 70 years viewed only eight homes.
As a result of an internet home search, buyers most often walked through the home that they
viewed online. Eighty-seven percent of all buyers found photos and 84 percent found detailed
information about properties for sale very useful. The most important website feature to buyers 35
years and younger, 36 to 50 years, and 61 to 69 years was photos at 88 percent, 90 percent, and
82 percent respectively.
When looking during the home search process, buyers 35 and younger were the most likely
generation to consider purchasing a home that was in foreclosure. A trend showed that as the
buyers got older, they were less likely to consider purchasing a home in foreclosure.
Fifty-nine percent of recent buyers were very satisfied with their recent home buying process, up
from 56 percent a year ago. Buyers 70 years and over were the most satisfied compared to any
other generation at 72 percent.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
buyers. The most important factor for Millennial buyers was having an agent that is honest and
trustworthy (24 percent).
Eighty-two percent of Millennials, 86 percent of Gen X, 90 percent of Younger Boomers, 88
percent of Older Boomers, and 89 percent of Silent Generation buyers would definitely or
probably use again or recommend their agent to others.
Eighty-six percent of recent buyers financed their home purchase. Ninety-seven percent of
buyers 35 years and younger financed, whereas only 68 percent of buyers aged 61 to 69 years
financed their home, and 57 percent over the age of 70.
For 60 percent of buyers, the source of their downpayment came from their savings and 38
percent from the proceeds from the sale of a primary residence. Eighty percent of buyers 35
years and younger used savings to finance their home purchase and 34 percent of buyers 70
years and older. Buyers 61 to 69 years used proceeds from a previous sale more than any other
generation at 53 percent.
Thirteen percent of all buyers cited that saving for a downpayment was most difficult step in the
home buying process. For buyers 35 years and younger, this was 21 percent compared to only
one percent of buyers 70 years and older.
Of all buyers that cited difficulty saving for a downpayment, 51 percent said they had student
loans and 47 percent had credit card debt with a median amount of $25,000. For buyers 35
years and younger, 44 percent have student debt with a median amount of $25,000 compared
to just 11 percent for buyers 51 to 60 years who had the highest median amount of debt at
$29,100.
Sixty-six percent of all buyers used conventional loans to finance their home. Only 53 percent of
buyers 35 years and younger used a conventional loan compared to 67 percent of buyers 61 to
69 years.
Eighty percent of all buyers reported they view a home purchase as a good investment. Eightyfour percent of buyers 35 years and younger said owning a home was a good financial
investment compared to 68 percent of buyers 70 years and older.
The typical home seller was 54 years old with a median household income of $104,100. Sellers 36
to 50 years had a median age of 42 years with the highest income of $121,300, followed by
sellers 61 to 69 years with a median age of 65 years. Sellers over 70 years had the lowest income
of $69,500.
Seventy-seven percent of sellers were married couples. Married couples were the highest for
sellers 36 to 50 years at 85 percent and the lowest for ages 51 to 60 years at 71 percent.
Seventy percent of all sellers moved within the same state. For sellers 35 years and younger, 79
percent purchased in the same state compared to 57 percent of sellers 61 to 69 years.
For all sellers, the most commonly cited reason for selling their home was that it was too small (16
percent), followed by a job relocation (14 percent), and the desire to move closer to friends and
family (13 percent). For sellers 35 and under, they cited that the home was too small (31
percent), which was higher than any other age group. For sellers 70 years and over, they cited
they wanted to be closer to friends and family (33 percent).
Sellers typically lived in their home for nine years before selling, declining from 10 years in last
years report. Sellers 35 years and younger stayed in their home for five years compared to 15
years for sellers 70 years and older.
Eighty-nine percent of home sellers worked with a real estate agent to sell their home, which is
consistent across all age groups.
For recently sold homes, the final sales price was a median 98 percent of the final listing price,
which is also consistent across all age groups.
Recently sold homes were on the market for a median of four weeks, again consistent across all
age groups.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Thirty-seven percent of all sellers offered incentives to attract buyers. This varies across age
groups where it was the most common for sellers 70 years and over to offer incentives and less
likely for sellers under 35 years.
This year, home sellers cited that they sold their homes for a median of $40,000 more than they
purchased it. Sellers 35 years and younger gained the least at $28,500 in equity compared to
sellers over 70 years that gained $64,000 in equity as they likely had lived in their homes for a
longer period of time.
Sixty-one percent of sellers were very satisfied with the selling process. Fifty-eight percent of
sellers 50 years and under were very satisfied with the selling process compared to 67 percent
over the age of 70.
Seventy-two percent of recent sellers contacted only one agent before finding the right agent
they worked with to sell their home. That number jumps to 77 percent for home sellers 35 years and
younger.
Ninety-one percent of sellers listed their homes on the Multiple Listing Service (MLS), which is the
number one source for sellers to list their home. Ninety-four percent of sellers 36 to 50 years listed
on the MLS and only 88 percent for sellers 70 and over.
Fifty percent of sellers used the same agent to buy and sell their homes. As distance and age
increases, using the same agent declines.
The typical seller has recommended their agent once since selling their home (32 percent). That
number jumps to 37 percent for sellers 61 to 69 years.
Eighty-four percent said that they would definitely (67 percent) or probably (17 percent)
recommend their agent for future services. Sellers 51 to 60 years were the most likely to
recommend their agent (86 percent) compared to sellers 36 to 50 years (82 percent).
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
under 18 living with them. In contrast, 17 percent of buyers between 36 and 50 had
three or more children under the age of 18 residing in their home.
The largest generation of home buyers who purchased a multi-generational home were
the 51 to 60 and 70 to 90 age groups, both with 16 percent of buyers purchasing a
multi-generational home. The younger boomer generation (51 to 60) saw a drop of five
percentage points from 2014. This suggests that economic conditions for younger
boomers may be improving. Fifteen percent of buyers between 36 and 50, 13 percent
of buyer between 61 and 69, and only eight percent of buyers under 35 purchased a
multi-generational home. For buyers of all generations, the most common reason for
purchasing a multi-generational home was for the health and caretaking of aging
parents. Other popular reasons for purchasing a multi-generational home included cost
savings and children/relative over 18 moving back into the house.
RACE, ETHNICITY, LANGUAGE AND NATIONAL ORIGIN OF BUYERS
Exhibits 1-6 through 1-9
In 2015 four percent of both Millennials (35 and younger) and Gen X buyers (36 to 50)
identified as gay, lesbian, or bisexual. The 36 to 50 age group showed to be the most
racially diverse group of home buyers in 2015. Twenty-five percent of Gen X home
buyers identified as Hispanic/Latino, black/African American, or Asian/Pacific Islander.
Only 16 percent of Millennials, 13 percent of Younger Boomers, seven percent of Older
Boomers, and five percent of Silent Generation buyers identifies as a race other than
White/Caucasian.
English was the primary language spoken, with all generations experiencing increases
from 2014. The majority of recent home buyers were born in the U.S. Foreign buyers were
most common within the 36 to 50 age range (15 percent), followed by 51 to 60 (nine
percent), 35 and younger (seven percent), 61 to 69 (five percent), and 70 to 90 (five
percent).
DEMOGRAPHIC CHARACTERISTICS OF FIRST-TIME AND REPEAT HOME BUYERS
Exhibits 1-10 through 1-14
In 2015 the shares of first-time home buyers decreased in all age categories except for
the 70 to 90 age group, which increased in first-time buyers by one percentage point. A
majority of buyers 35 and younger were first-time buyers at 67 percent in 2015. Among
other buyers, the 36 to 50 age group had the second highest percentage of first-time
buyers at 36 percent. Looking at all other age categories recent buyers most often
rented an apartment or house prior to purchasing their home. It is interesting to see that
while buyers 35 and younger were the most likely to be first-time buyers, they were also
the most likely to have rented an apartment or house (58 percent) or have lived with
parents, relatives, or friends (18 percent).
The most common reasons for recently purchasing their home differed between some
generations. Among younger buyers 35 and younger and buyers between 36 and 50,
the main reason for purchasing was the desire to own a home of their own, similar to
last year. Looking at the 51 to 60 age category, there was a change in the reason for
purchasing from a job related relocation (16 percent) in 2014, to the desire to own a
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
home of their own (20 percent) in 2015. Buyers who were 61 to 69 primarily purchased
for retirement (20 percent), and buyers between 70 and 90 years old purchased their
home to be closer to family and friends (22 percent).
When looking at the timing of purchasing their home, buyers across all generations said
that it was just the right time, and they were ready to buy a home. Among Millennials,
Gen X, Younger Boomers, and Silent Generation buyers, the second most common
reason for the timing of their purchase was that they did not have much choice, and
had to purchase when they did. For Older Boomers, the second most common reason
for the timing of purchasing was that it was the best time because of the availability of
homes for sale.
The majority of buyers from all generations owned only the home that they recently
purchased. Buyers between 36 and 50 were the most likely to also own one or more
investment properties (13 percent). Buyers between 70 and 90 were the largest share
who owned one or more vacation homes and who still owned previous home that they
were trying to sell, both at seven percent.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Exhibit 1-1
Exhibit 1-2
Exhibit 1-3
Exhibit 1-4
Exhibit 1-5
Exhibit 1-6
Exhibit 1-7
Exhibit 1-8
Exhibit 1-9
Exhibit 1-10
Exhibit 1-11
Exhibit 1-12
Exhibit 1-13
Exhibit 1-14
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Year Born:
Millennials/Gen Y/Gen Next:
Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2015:
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
Percent in
Category
Median Age
in Group
35%
26
16
15
9
30
42
56
65
74
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
2%
3
4
5
7
7
8
11
17
12
7
6
12
$104,700
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
3%
4
4
6
9
7
8
10
15
11
7
5
13
$100,200
61 to 69
5%
5
6
9
9
10
8
9
12
11
5
1
8
$81,600
70 to 90
3%
12
13
10
10
10
7
9
12
5
3
1
7
$67,100
80%
Married couple
Single female
67%
70% male
Single
Unmarried couple
Other
60%
36 to 50
71%
13%
8%
63%
6%
51 to 60
63%
20%
10%
5%
2%
2%
61 to 69
68%
19%
68%
9%
3%
3%
70 to 90
67%
17%
67% 9%
3%
5%
50%
40%
30%
20%
20%
15%
9%
10%
13% 12%
10%
7%
2%
19%
17%
13%
8%
10%
6%
2%
1%
9%
5%
2%
9%
3% 3%
3%
0%
All Buyers
35 and younger
Married couple
36 to 50
Single female
51 to 60
Single male
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Unmarried couple
61 to 69
Other
70 to 90
5%
97%
100%
97%
All Buyers
90%
None
63%
One80%
15%
Two
15%
Three
or
more
7%
70%
63%
* Less than 1 percent
35 and younger
55%
20%
18%
7%
36 to 50
31%
23%
30%
17%
51 to 60
81% 81%
12%
5%
2%
61 to 69
97%
2%
1%
1%
70 to 90
97%
2%
1%
%
55%
60%
50%
40%
31%
30%
20%
17%
12%
7%
10%
23%
20%
18%
15%15%
30%
7%
5%
2%
2% 1% 1%
2% 1%
%
0%
All Buyers
35 and younger
36 to 50
None
One
51 to 60
Two
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Three or more
61 to 69
70 to 90
Multi-generational household
Reasons for purchase:
Health/Caretaking of aging parents
Cost Savings
Children/relatives over 18 moving back into the house
To spend more time with aging parents
Children/relatives over 18 never left home
Wanted a larger home that multiple incomes could afford together
None of the above
Other
* Less than 1 percent
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
21%
14
3
8
7
6
35
6
36 to 50
15%
51 to 60
16%
61 to 69
13%
70 to 90
16%
26%
16
10
9
10
3
20
5
20%
14
18
5
9
3
24
6
20%
9
17
4
7
4
33
7
14%
13
10
9
*
10
41
2
Heterosexual or straight
Gay or lesbian
Bisexual
Prefer not to answer
All Buyers
90%
3
1
7
35 and younger
93%
3
1
3
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
91%
3
1
6
51 to 60
88%
3
*
8
61 to 69
90%
2
*
8
70 to 90
88%
3
*
9
White/Caucasian
Hispanic/Latino
Black/African-American
Asian/Pacific Islander
Other
All Buyers
85%
6
5
5
2
35 and younger
86%
8
3
5
2
36 to 50
76%
10
8
7
3
Note: Respondents were permitted to select as many races and ethnicities as they felt applicable.
The percentage distribution may therefore sum to more than 100 percent.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
87%
5
5
3
2
61 to 69
94%
3
3
1
1
70 to 90
94%
1
2
2
1
100%
English
Other
90%
All Buyers
96%
96%
4%
35 and younger
96%
96%
4%
36 to 50
94% 94%
5198%
to 60
98%
3%
6%
61 to 99%
69
99%
1%
99%
70 to 90
99%
2%
80%
70%
60%
50%
40%
30%
20%
10%
4%
4%
6%
3%
1%
2%
0%
All Buyers
35 and younger
36 to 50
51 to 60
English
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Other
61 to 69
70 to 90
All Buyers
93%
91%
9%
100%
91%
Born in U.S.
Not born
in
U.S.
90%
35 and younger
93%
85%
7%
36 to 50
91%
85%
15%
51 to 60
95%
91%
9%
61 to 69
95%
95%
5%
70 to 90
95%
5%
80%
70%
60%
50%
40%
30%
15%
20%
9%
10%
9%
7%
5%
5%
0%
All Buyers
35 and younger
36 to 50
Born in U.S.
51 to 60
Not born in U.S.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
67%
70%
Percent in Category
32%
67%
26%
11%
6%
4%
26%
60%
All Buyers
35 and younger
36 to
50
50%
51 to 60
61 to
69
40%
32%
70 to 90
30%
20%
11%
6%
10%
4%
0%
All Buyers
35 and
younger
36 to 50
51 to 60
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
36 to 50
46%
44
8
51 to 60
56%
36
5
61 to 69
65%
30
4
70 to 90
78%
15
4
Note: After selling their previous home, buyers may have rented a home or apartment before
purchasing their next home. A first-time buyer could have acquired ownership of their previous home
(as an inheritance or gift, for example) without having been the buyer of the home. Thus, a
first-time buyer could have owned a home prior to their first home purchase.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
Desire to own a home of my own
Desire for larger home
Job-related relocation or move
Change in family situation
Desire to be closer to
family/friends/relatives
Desire for a home in a better area
Affordability of homes
Desire for smaller home
Retirement
Establish household
Financial security
Desire to be closer to job/school/transit
Desire for a newly built or custom-built
home
Tax benefits
Greater number of homes on the market
for sale/better choice
Other
30%
10
8
7
35 and younger
48%
11
7
6
36 to 50
31%
16
13
9
51 to 60
20%
6
12
8
61 to 69
9%
4
3
7
70 to 90
8%
5
1
6
7
6
6
6
5
2
2
2
4
4
1
*
4
3
2
7
2
2
*
2
2
5
6
3
10
6
1
3
17
6
3
12
20
*
1
22
7
3
19
14
*
1
2
1
1
*
2
1
3
2
3
1
3
1
*
7
1
4
*
5
*
9
*
13
*
9
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
46%
52%
41%
44%
43%
48%
16
12
22
18
11
15
11
10
11
10
10
16
9
2
6
2
7
2
12
2
13
1
16
2
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
Recently purchased home only
One or more investment properties
Previous homes that buyer is trying to sell
One or more vacation homes
Primary residence
Other
81%
10
3
4
3
2
35 and younger
89%
7
1
1
2
*
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
78%
13
3
4
2
2
51 to 60
76%
10
5
6
4
3
61 to 69
79%
8
4
6
2
4
70 to 90
75%
10
7
7
2
2
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Exhibit 2-8
Exhibit 2-9
Exhibit 2-10
Exhibit 2-11
Exhibit 2-12
Exhibit 2-13
Exhibit 2-14
Exhibit 2-15
Exhibit 2-16
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
89%
90%
84%
All Buyers
16%
84%
New
80%Owned
Previously
35 and younger
11%
89%
36 to 50
82%
19%
82%
51 to 60
81%
19%
81%
61 to 69
81%
19%
81%
70 to 90
19%
81%
81%
70%
60%
50%
40%
30%
20%
16%
19%
19%
19%
19%
36 to 50
51 to 60
61 to 69
70 to 90
11%
10%
0%
All Buyers
35 and younger
New
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Previously Owned
New Home:
Avoid renovations or problems with
plumbing or electricity
Ability to choose and customize design
features
Amenities of new home construction
communities
Green/energy efficiency
Lack of inventory of previously owned
home
Other
Previously Owned Home:
Better price
Better overall value
More charm and character
Lack of inventory of new homes
Other
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
34%
46%
36%
36%
27%
15%
30
25
30
23
38
31
17
11
19
13
17
14
20
9
14
8
17
12
7
12
6
9
8
12
7
13
7
13
8
21
32%
29
19
9
17
41%
27
20
9
12
26%
29
21
12
17
24%
34
18
8
19
32%
27
18
7
18
28%
29
13
4
25
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
90%
83%
Detached single-family
home
Townhouse/row
house
80%
Apartment/condo in building
with 70%
5 or more units
Duplex/apartment/condo in 2 to
4 unit building
Other60%
36 to 50
82%
89%
51 to 60
5%
1%
82%
9%
2%
61 to 69
70 to 90
81%
5%
2%
71%
8%
4%
81%
71%
2%
2%
1%
1%
3%
6%
7%
6%
5%
6%
9%
12%
50%
40%
30%
20%
10%
7%
1% 2%
7%
7%
6%
1% 2%
9%
5%
5%
1% 1%
6%
2% 1%
9%
5%
2% 3%
12%
8%
6%
4%
0%
All Buyers
35 and younger
36 to 50
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
61 to 69
Townhouse/row house
Duplex/apartment/condo in 2 to 4 unit building
70 to 90
58%
All Buyers 35 and younger
51%
51%52%
20%
19%
14%
17%
13%
13%
2%
1%
60%
52%
Suburb/Subdivision
Small town
50%
Urban
area/Central city
Rural area
Resort/Recreation area
36 to 50
58%51%
16%
13%
13%
1%
51 to 60
51%
20%
13%
13%
2%
53%
61 to 69
53%
21%
8%
13%
5%
70 to 90
42%
29%
13%
9%
42%
7%
40%
* Less than 1 percent
29%
30%
20%
14% 13%
21%
20%
19%
17%
20%
16%
13%13%
13%
13% 13%
13%
13%
9%
8%
10%
5%
2%
1%
2%
1%
0%
All Buyers
35 and younger
Suburb/Subdivision
Small town
36 to 50
51 to 60
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
Rural area
70 to 90
Resort/Recreation area
7%
All buyers
over 50
51 to 60
61 to 69
70 to 90
14%
7%
16%
30%
67%
7
6
4
15
82%
9
1
2
6
81%
5
3
2
9
71%
8
6
4
12
57%
21
12
8
3
51%
20
2
13
13
53%
21
5
8
13
42%
29
7
13
9
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Miles
14
10
10
14
34
25
All Buyers
35 and
35 younger
36 to 50
51 to
3060
61 to 69
70 to 90
25
34
25
20
14
14
15
10
10
10
5
0
All Buyers
35 and younger
36 to 50
51 to 60
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
All Buyers
Quality of the neighborhood
Convenient to job
Overall affordability of homes
Convenient to friends/family
Design of neighborhood
Convenient to shopping
Quality of the school district
Convenient to entertainment/leisure
activities
Convenient to schools
Availability of larger lots or acreage
Convenient to parks/recreational
facilities
Convenient to health facilities
Home in a planned community
Convenient to public transportation
Convenient to airport
Other
59%
44
38
35
26
25
25
35 and younger
63%
60
50
39
26
20
37
36 to 50
63%
50
35
29
24
22
41
51 to 60
56%
43
35
28
28
22
11
61 to 69
56%
18
32
39
26
33
3
70 to 90
52%
8
29
50
26
38
3
20
20
18
24
27
20
16
34
20
18
8
18
24
2
15
18
3
8
17
11
9
5
5
5
20
6
5
6
5
3
19
6
6
5
5
5
13
10
10
3
7
8
13
18
17
4
6
7
16
30
17
4
5
8
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
4%
5
6
10
9
9
15
12
8
5
6
10
$220,000
35 and younger
5%
6
8
13
12
10
16
9
6
4
5
7
$187,400
36 to 50
4%
3
5
7
7
7
13
13
10
8
10
14
$263,200
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
5%
6
5
9
8
8
12
13
9
6
7
12
$239,000
61 to 69
4%
6
6
9
9
9
20
13
8
4
5
8
$220,000
70 to 90
5%
4
7
11
10
9
18
12
9
3
7
4
$209,100
All Buyers
10%
17
36
26
9
1
35 and younger
9%
16
38
23
12
1
36 to 50
10%
14
36
28
10
2
51 to 60
12%
19
33
27
8
1
61 to 69
10%
23
35
26
4
2
70 to 90
8%
19
35
32
4
3
98%
98%
98%
97%
97%
98%
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
1,000 sq ft or less
1,001 to 1,500 sq ft
1,501 to 2,000 sq ft
2,001 to 2,500 sq ft
2,501 to 3,000 sq ft
3,001 to 3,500 sq ft
3,501 sq ft or more
Median (sq ft)
*
13
28
27
15
9
9
1,900
35 and younger
1%
16
34
25
12
7
6
1,720
36 to 50
*
9
21
23
18
14
15
2,200
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
1%
12
23
30
16
9
9
1,960
61 to 69
*
12
26
34
13
9
6
1,950
70 to 90
*
15
31
27
14
8
4
1,800
All Buyers
One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
*
13
87
3
15
63
22
2
35 and younger
*
10
90
3
22
63
15
2
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
*
7
93
4
12
54
34
2
51 to 60
1%
15
84
3
14
63
23
2
61 to 69
*
19
81
3
8
73
19
2
70 to 90
*
31
69
3
12
73
15
2
2014
2013 through 2010
2009 through 2006
2005 through 2001
2000 through 1986
1985 through 1960
1959 through 1912
1911 or earlier
Median
All Buyers
15%
3
8
11
21
25
15
3
1991
35 and younger
12%
2
6
10
19
27
21
5
1984
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
18%
3
8
12
17
25
15
2
1992
51 to 60
17%
5
8
11
20
23
14
2
1995
61 to 69
17%
3
8
12
29
21
10
1
1995
70 to 90
14%
5
9
15
25
21
10
1
1998
All Buyers
40%
Heating and cooling costs
35%
Commuting
costs
35% efficient appliances
Energy
35 and younger
37%33%
35%
35%
35%
35% 30%
33% 22%
Energy efficient
lighting
30%
Environmentally
friendly community
30%
features
Landscaping for energy conservation
25%
22%on
22%home
Solar panels installed
22%
10%
36 to 50
37%
18%
35%
23%
18%
7%
23%
10%
8%
10%
38%
30%
51 to 60
61 to 69
70 to 90
38%
34%
32%
30%
24%
15%
34%
22%
16%
23%
24%
10%
20%
11%
27%
18%
12%
24% 24%
2%
10%
15%
32%
27%
10%
2%
2%
23% 23%
2%
1%22%
2%
23%
20%
20%
18% 18%
18%
16%
15%
15%
12%
10% 10%
10%
5%
10%10%
7%
10%
11%
10%
8%
2%
2%
2%
2%
1%
0%
All Buyers
Heating and cooling costs
Energy efficient lighting
Solar panels installed on home
15%
35 and younger
36 to 50
51 to 60
Commuting costs
Environmentally friendly community features
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
Energy efficient appliances
Landscaping for energy conservation
2%
Price of home
Condition of home
Size of home
Lot size
Style of home
Distance from job
Distance from friends or family
Quality of the neighborhood
Quality of the schools
Distance from school
None - Made no compromises
Other compromises not listed
All Buyers
20%
19
17
14
13
13
6
6
4
2
35
7
35 and younger
22%
19
21
18
17
18
8
7
7
1
27
7
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
22%
20
18
16
14
17
6
7
4
3
32
7
51 to 60
18%
16
15
12
10
11
5
6
2
1
39
7
61 to 69
16%
21
11
7
10
4
6
3
1
*
46
8
70 to 90
15%
14
17
8
8
1
5
5
*
*
53
10
All Buyers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 or more years
Don't Know
Median
2%
4
9
2
14
6
26
38
14
35 and younger
1%
4
14
4
18
5
22
33
10
36 to 50
2%
3
8
2
15
7
31
33
15
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
3%
3
6
3
11
5
20
40
15
61 to 69
2%
7
4
1
10
5
31
40
20
70 to 90
44%
3
2
*
11
8
13
58
15
All Buyers
50%
Move with life changes*
Never
45% moving-forever home
Move with job or career change
40%
39%
May desire better
40%
area/neighborhood
May outgrow home
35%
Will
flip home
Other
30%
40%
23%
16%
8%
6%
1%
6%
35 and younger
39%
12%
24%
38%
10%
12%
1%
3%
51 to 60
47%
26%
14%
61 to 69
45% 45%
40%
40%2%
10%
5%
1%
4%
5%
1%
2%
5%
5%
*
1%
7%
70 to 90
34%
41%
1% 41%
6%
*
34%
2%
16%
26%
25%
3647%
to 50
38%
21%
22%
24%
23%
22%
21%
20%
16%
16%
14%
15%
12%
8%
6%
10%
12%
10%
10%
7%
6%
5%
3%
5%
1%
1%
5%
4%
5%
2%
1%
1%
5%
2%
%
1%
6%
1%
2%
%
0%
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
Other
*Life changes: addition to family, marriage, children move out, retirement, etc.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
When looking during the home search process, buyers 35 and younger were the most
likely generation to consider purchasing a home that was in foreclosure. A trend
showed that as the buyers got older, they were less likely to consider purchasing a
home in foreclosure. Across all generations, the most difficult step in the home buying
process was finding the right property. Over 50 percent of buyers from all generations
frequently used the internet to search for their home. Ninety percent of Millennials and
Gen X buyers frequently used the internet during their home search.
WEBSITE AND MOBILE SEARCH
Exhibit 3-8 through 3-10
As a result of an internet home search, buyers most often walked through the home
that they viewed online. Millennials, Gen X, and Younger Boomer buyers also saw the
exterior of homes as a result of searching online for properties. The most important
website feature to Millennial, Gen X, and Older Boomer home buyers was photos at 88
percent, 90 percent, and 82 percent respectively. Detailed information about
properties was the most important website feature for the Silent Generation at 75
percent. Photos and detailed information about properties for sale were both equally
important website features for Younger Boomer buyers at 86 percent.
Using mobile applications during the home search was common among younger
generations of buyers. Seventy-one percent of both Millennial and Gen X buyers found
their homes through a mobile application. Fifty-eight percent of Younger Boomers, 36
percent of Older Boomers, and 30 percent of Silent Generation buyers found their
homes by using a mobile application, if they used a mobile device to search.
Recent buyers also used mobile applications to find the agents that used during the
home buying process. Surprisingly, Older Boomers more than any other generation
found their agent through a mobile application.
SATISFACTION IN BUYING PROCESS
Exhibit 3-11
Buyers of all generations were overall very satisfied with their home buying process.
Silent Generation buyers were the most satisfied with the buying process, than any other
generation with 72 percent saying that they were very satisfied. Sixty-four percent of
Older Boomer, 62 percent of Younger Boomer, 53 percent of Gen X, and 56 percent of
Millennial buyers were very satisfied with the buying process.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
Looked online for properties for sale
Contacted a real estate agent
Looked online for information about the home
buying process
Talked with a friend or relative about home buying
process
Contacted a bank or mortgage lender
Drove-by homes/neighborhoods
Visited open houses
Looked up information about different
neightborhoods or areas (schools, local
lifestyle/nightlife, parks, public transpo
Contacted builder/visited builder models
Contacted a home seller directly
Looked in newspapers, magazines, or home buying
guides
Attended a home buying seminar
Read books or guides about the home buying
process
Other
42%
14
13
35 and younger
38%
13
18
61 to 69
53%
18
4
70 to 90
28%
31
*
7
7
3
2
9
5
2
2
9
8
3
4
5
10
3
2
*
4
*
*
*
6
*
*
2
*
*
1
*
*
2
*
1
6
3
*
9
*
*
*
*
*
*
*
1
*
*
*
*
*
*
*
*
*
14
25
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
89%
87
57
54
35 and younger
93%
87
71
66
36 to 50
92%
87
64
61
51 to 60
87%
89
46
43
61 to 69
84%
89
38
36
70 to 90
70%
89
26
25
51
50
53
54
39
52
48
29
20
20
13
6
3
3
45
24
15
17
12
4
4
3
53
29
23
18
13
6
3
5
50
32
22
24
13
4
5
5
39
31
19
21
16
4
2
1
49
34
25
30
14
4
2
4
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
10
35 and younger
10
36 to 50
12
51 to 60
10
61 to 69
8
70 to 90
8
2
10
3
10
2
10
3
10
3
10
2
8
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
33%
41
10
6
7
1
1
*
*
70 to 90
24%
40
13
12
7
1
2
1
*
All Buyers
59%
35 and younger
49%
23
11
10
4
4
3
29
14
14
5
5
5
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
20
8
7
3
5
2
16
7
6
2
3
1
70 to 90
81%
11
5
4
3
2
2
36 to 50
51 to 60
61 to 69
70 to 90
51%
23
54%
27
52%
24
49%
21
49%
20
43%
17
14
13
13
5
17
6
24
16
21
7
10
5
13
13
17
5
13
7
7
10
6
4
23
5
6
11
2
3
24
6
8
7
1
3
33
6
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
100%
35 and younger
36 to 90%
50
51 to 60
80%
61 to 69
70 to 70%
90
Frequently
82%
7%
90%
10%
90%
80%
74%
51%
Occasionally
10%
7% 7%
7%
12%
14%
21%
12%
14%
21%
60%
50%
40%
82%
90%
90%
80%
74%
30%
51%
20%
10%
0%
All Buyers
35 and younger
36 to 50
51 to 60
Frequently
Occasionally
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
7
13
9
6
61 to 69
64%
31
43
21
13
70 to 90
56%
29
46
25
10
5
12
7
5
4
10
4
5
Photos
Detailed information about properties for
sale
Interactive maps
Virtual tours
Real estate agent contact information
Neighborhood information
Detailed information about recently sold
properties
Pending sales/contract status
Information about upcoming open houses
Videos
Real estate news or articles
61 to 69
82%
70 to 90
71%
84
45
42
42
40
84
49
39
38
42
85
52
43
39
46
86
41
44
40
36
78
29
40
50
28
75
26
45
57
41
37
33
37
37
42
39
36
31
30
20
32
20
24
22
8
26
22
9
29
23
9
26
21
7
13
16
5
16
24
7
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Found
80% my home with a mobile application
Found my agent with a mobile application
71%
70%
61 to 69
36%
34%
70 to 90
30%
17%
66%
58%
60%
50%
36%
40%
34%
30%
30%
17%
20%
13%
10%
11%
10%
4%
%
All Buyers
35 and younger
36 to 50
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
61 to 69
70 to 90
80%
Very Satisfied
70%
Somewhat Satisfied
59%
Somewhat Dissatisfied
60%
Very Dissatisfied
61 to 69
64%
28%
6%
2%
72%70 to 90
72%
20%
4%
4%
50%
40%
35%
34%
32%
31%
28%
30%
20%
20%
10%
7%
8%
7%
3%
5%
4%
3%
3%
6%
4% 4%
2%
0%
All Buyers
Very Satisfied
35 and younger
36 to 50
Somewhat Satisfied
51 to 60
Somewhat Dissatisfied
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
Very Dissatisfied
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Referrals continue to be the way that most buyers find their real estate agent. Referrals
by friends, neighbors, or relatives were higher among younger buyers such as Millennials
(46 percent) and Gen X (43 percent) buyers than with the older generations. Buyers of
all generations initially contacted their agent by phone. Initial contact through e-mail
was most common among Millennial (21 percent) and Gen X (18 percent) buyers. Silent
Generation (27 percent) and Younger Boomers (23 percent) buyers were the most likely
to initially talk to their agent in person.
When interviewing agents to work with, buyers often interviewed only one real estate
agent. At 70 percent, Silent Generation buyers were the most likely to interview only
one agent, perhaps they are more likely to have past relationships with agents. Among
buyers who interviewed four or more agents, Millennials were the most likely to do so at
five percent.
CHOOSING A REAL ESTATE AGENT
Exhibits 4-9 to 4-11
When choosing an agent to work with, the agents reputation was the most important
factor for Younger Boomer (26 percent), Older Boomers (25 percent), and Silent
Generation (24 percent) buyers. The most important factor for Millennial buyers was
having an agent that is honest and trustworthy (24 percent). Gen X buyers found that
having an agent who is honest and trustworthy, as well as having a good reputation to
be equally important, both at 23 percent.
Recent buyers from all generations looked for agents who were honest and had
integrity, were responsive, had knowledge of the purchase process, and knowledge of
the real estate market. It is interesting to see that an agents skills with technology were
more important to Older Boomer (52 percent) and Silent Generation (53 percent)
buyers, than to Millennials and Gen X buyers, both at 44 percent.
When communicating with their agent, recent buyers found it important that their
agent personally calls to inform them of activities. Particularly important to Millennial (70
percent) and Gen X (69 percent) buyers was that their agent send them postings as
soon as a property is listed, a price changes, or is under contract, indicating low
inventory in the markets they want to buy in.
SATIFICATION AND RECOMMENDATION OF AGENT
Exhibits 4-12 to 4-14
Recent buyers from all generations were satisfied with their real estate agents skills and
qualities. Millennials (87 percent) and Younger Boomers (89 percent) were the most
satisfied with their agents honesty and integrity. Gen X (86 percent), Older Boomers (88
percent), and Silent Generation (89 percent) buyers were the most satisfied with their
agents knowledge of the purchase process.
Across all generations, the majority of recent buyers would definitely use their agent
again or recommend their agent to others. Eighty-two percent of Millennials, 86 percent
of Gen X, 90 percent of Younger Boomers, 88 percent of Older Boomers, and 89
percent of Silent Generation buyers would definitely or probably use again or
recommend their agent to others.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Since purchasing, Millennial and Older Boomer buyers have recommended their agent
once. Gen X buyers and Younger Boomer buyers have recommended their agent
twice. Fifty percent of Silent Generation buyers have not recommended their agent.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
87%
8
5
3
2
35 and younger
89%
5
6
3
3
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
84%
10
5
3
2
70 to 90
83%
9
7
3
4
All Buyers
27%
22
12
22
18
35 and younger
23%
22
12
24
19
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
37%
19
9
19
17
70 to 90
28%
23
7
23
19
All Buyers
40%
18
29
13
35 and younger
38%
17
29
16
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
40%
17
33
10
70 to 90
30%
20
37
13
All Buyers
Helped buyer understand the process
Pointed out unnoticed features/faults with property
Negotiated better sales contract terms
Provided a better list of service providers
Improved buyer's knowledge of search areas
Negotiated a better price
Shortened buyer's home search
Provided better list of mortgage lenders
Expanded buyer's search area
Narrowed buyer's search area
None of the above
Other
60%
55
48
47
45
37
30
22
20
17
6
2
35 and younger
71%
58
52
48
45
38
31
25
21
16
6
1
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
51%
48
42
46
47
36
36
13
18
24
7
1
70 to 90
46%
46
36
36
41
33
37
11
16
19
10
2
All Buyers
Help find the right home to purchase
Help buyer negotiate the terms of sale
Help with the price negotiations
Determine what comparable homes were selling
for
Help with paperwork
Help determining how much home buyer can
afford
Help find and arrange financing
Help teach buyer more about neighborhood or
area (restaurants, parks, public transportation)
Help find renters for buyers property
Other
53%
12
11
35 and younger
49%
13
12
7
6
7
8
8
6
4
4
5
4
1
*
2
2
*
2
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
54%
9
7
70 to 90
58%
10
11
6
4
14
4
5
7
5
3
4
4
4
4
2
2
1
*
2
1
*
2
2
1
2
1
*
4
All Buyers
35 and younger
61 to 69
70 to 90
41%
12
46%
7
43%
12
36%
15
32%
15
35%
17
10
5
10
6
8
4
8
5
17
4
7
5
5
5
4
6
5
5
5
4
6
4
6
4
2
1
1
*
*
1
1
1
*
*
2
1
*
*
*
4
1
*
*
*
3
2
*
1
*
5
1
*
1
1
*
*
*
*
*
*
*
*
*
*
*
*
*
10
*
10
*
10
*
13
*
10
*
9
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Phone call
Talked to them in person
E-mail
Contacted friend/family
Web form on home listing website
Text message
Through agent's website
Social Media (FaceBook, Twitter, LinkedIn, etc.)
Number of Times Contacted (median)
All Buyers
44%
20
17
9
5
3
2
1
1
35 and younger
40%
17
21
9
6
3
2
2
1
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
42%
20
18
9
5
4
2
1
1
51 to 60
48%
23
13
9
4
1
2
1
1
61 to 69
44%
21
16
9
4
2
4
*
1
70 to 90
50%
27
7
8
3
2
2
1
1
61 to 69 67%70 to 90
67%
70%
18%
18%
10%
8%
4%
3%
70%
50%
40%
30%
20%
22%
20%
19%
18%
20%
9%
10%
9%
8%
5%
5%
8%
4%
4%
18%
10%
8%
4%
3%
0%
All Buyers
35 and younger
36 to 50
51 to 60
One
Two
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
Three
Four or more
70 to 90
Reputation of agent
Agent is honest and trustworthy
Agent is friend or family member
Agents knowledge of the neighborhood
Agent has caring personality/good listener
Agent is timely with responses
Agent seems 100% accessible because of use
of technology like tablet or smartphone
Agents association with a particular firm
Professional designations held by agent
Other
61 to 69
25%
15
15
14
10
6
70 to 90
24%
16
15
14
6
6
3
1
1
2
2
1
3
1
1
2
1
*
4
1
*
7
2
*
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
96%
93
92
92
86
79
80
85
52
70 to 90
97%
92
91
91
81
77
78
85
53
61 to 69
83%
70 to 90
81%
68
70
69
67
63
57
55
54
58
58
60
56
53
54
51
48
38
39
51
29
27
12
9
5
2
48
29
28
11
8
3
1
57
28
26
12
8
5
2
49
29
24
11
9
7
2
53
33
31
16
11
7
1
46
32
29
12
13
13
3
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
87%
88
87
85
83
83
87
82
77
70 to 90
87%
89
85
86
83
83
86
80
75
80%
Definitely
Probably
70%
Probably Not
Definitely Not
60%
Don't Know
72%
61 to 69
76%
12%
4%
6%
1%
76%
70 to 90
72%
17%
4%
5%
2%
72%
50%
40%
30%
20%
17%
16%
17%
17%
15%
12%
10%
6% 5%
5% 5%
2%
6% 5%
2%
4% 4%
2%
2%
4%
6%
4% 5%
1%
0%
All Buyers
35 and younger
Definitely
Probably
36 to 50
51 to 60
Probably Not
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Definitely Not
61 to 69
Don't Know
70 to 90
2%
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
36%
15
19
8
22
70 to 90
50%
11
12
9
18
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Eighty percent of buyers 35 years and younger used savings to finance their home
purchase compared to only 34 percent of buyers 70 years and older. Buyers 61 to 69
years used proceeds from a previous sale more than any other generation at 53
percent. Younger buyers were also more likely to use a gift from a friend of relative for
their downpayment.
Forty-six percent of all buyers saved for six months or less for their downpayment.
Eighteen percent of buyers 35 years and younger saved for two to five years. Buyers 61
to 69 years saved for the least amount of time61 percentciting that they saved for
six months or less. Eighteen percent of this group also cited saving for more than five
years.
Debt Delay and Sources of Debt
Exhibits 5-5 and 5-6
For all buyers, the median period of time that debt delayed home buyers from saving
for a downpayment was four years. Twenty percent were delayed for five years and 24
percent were delayed for more than five years. For buyers 35 years and younger, three
years was the median compared to six years for buyers 61 to 69 years. Twenty percent
of buyers 35 years and younger were delayed only one year whereas 62 percent of
buyers 61 to 69 years were delayed more than five years.
Thirteen percent of all buyers reported that saving for the downpayment was the most
difficult task. For buyers 35 years and younger, this was 21 percent compared to only
one percent of buyers 70 years and older. Fifty-one percent of all buyers reported that
student loan debt delayed buying a home. Fifty-three percent of buyers 35 years and
younger reported being delayed due to student loan debt as did 31 percent for buyers
36 to 50 years. Seventy-one percent of buyers over 70 years reported having other
types of debt no listed.
Sacrifices Made to Purchase Home
Exhibit 5-7
Some buyers chose to make financial sacrifices in order to make a home purchase.
Fifty-four percent of buyers did not need to make any sacrifices, consistent with last
year. For all buyers, the most common sacrifices reported were a cut in spending on
luxury or non-essential items (33 percent), a cut in spending on entertainment (25
percent), and a cut in spending on clothes (20 percent). For buyers 35 years and
younger, 47 percent cut spending on luxury items compared to 11 percent of buyers 70
years and older. Inversely, only 40 percent of buyers 35 years and younger reported not
making any sacrifices at all compared to 84 percent of buyers 70 years and older.
Difficulty of Mortgage Application and Approval Process and Sold a Distressed Property
Exhibits 5-8 and 5-9
Sixteen percent of buyers said that the mortgage application process was more difficult
than expect and 17 percent said it was easier. The bulk of buyers said that the
mortgage application and approval process was no more difficult than expected at 43
percent, which was consistent across age groups. Twenty-one percent of buyers 51 to
60 years and 70 years and older said the process was easier than expected. Nineteen
percent of buyers 61 to 69 said the process was much more difficult than expected.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Nine percent of recent buyers had a distressed property sale in the pasteither a short
sale or a foreclosureand the typical year for a distressed sale was in 2010. For buyers
35 years and younger, only six percent had a distressed sale compared to 13 percent
for buyers 51 to 60 years.
Student Loan Debt
Exhibit 5-10
Twenty-five percent of all buyers reported having student loan debt with a median
amount of $25,000. Twenty-eight percent of buyers who have student loan debt have
debt between $10,000-25,000. For buyers 35 years and younger, 44 percent have
student debt with a median amount of $25,000 compared to just 11 percent for buyers
51 to 60 years who had the highest median amount of debt at $29,100. Twenty-five
percent of this age group also reported falling between the $25,000 and $50,000 debt
range.
Type of Mortgage and Loan
Exhibits 5-11 and 5-12
Ninety-one percent of all buyers used a fixed rate mortgage, 93 percent for buyers 36
to 50 years and 87 percent for buyers 70 years and older. Fifty-nine percent of buyers
chose a conventional loan to finance their home, down from 61 percent last year.
Twenty-three percent of buyers reported securing a FHA loan and 11 percent chose a
VA loan. Only 53 percent of buyers 35 years and younger used a conventional loan
compared to 67 percent of buyers 61 to 69 years. Twenty-nine percent of buyers 35
years and younger used an FHA loan. Twenty-five percent of buyers 70 years and older
used at VA loan and only five percent used a FHA loan.
Buyers View of Homes as a Financial Investment
Exhibit 5-13
Buyers continue to see purchasing a home as a good financial investment. Eighty
percent (up from 79 percent last year) reported the view that a home purchase is a
good investment and 43 percent said it was better than owning stock. Only six percent
reported that it was not a good financial investment, down from seven percent last
year. Eighty-four percent of buyers 35 years and younger said owning a home was a
good financial investment compared to 68 percent of buyers 70 years and older. Only
three percent of buyers 35 and under years said they considered it not to be a good
financial investment.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
100%
All Buyers
86%
90%
35 and younger
36 to 50
80%
51 to
60
61 to 69
70%
70 to
90
97%in
Percent
Category
86%
97%
95%
83%
68%
57%
95%
83%
68%
57%
60%
50%
40%
30%
20%
10%
0%
All Buyers
35 and younger
36 to 50
51 to 60
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
All Buyers
Less than 50%
50% to 59%
60% to 69%
70% to 79%
80% to 89%
90% to 94%
95% to 99%
100% Financed the entire
purchase price with a mortgage
Median percent financed
9%
3
5
12
22
15
21
14
35 and younger
5%
1
2
9
22
18
27
16
90%
93%
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
86%
61 to 69
19%
7
10
15
23
5
10
11
70 to 90
25%
8
7
11
20
7
6
16
79%
79%
All Buyers
Savings
Proceeds from sale of primary residence
Gift from relative or friend
401k/pension fund including a loan
Sale of stocks or bonds
Inheritance
Individual Retirement Account (IRA)
Loan from relative or friend
Equity from primary residence buyer continue to
own
Proceeds from sale of real estate other than
primary residence
Loan or financial assistance from source other
than employer
Loan from financial institution other than a
mortgage
Loan or financial assistance through employer
Other
60%
38
13
8
8
5
4
3
35 and younger
80%
19
23
6
8
4
3
4
1
*
5
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
43%
53
4
8
6
6
5
1
70 to 90
34%
49
1
3
7
3
9
*
1
5
1
4
*
4
*
4
*
7
6 months
or less
All Buyers
6 to 12 months
12 to 18 months
18 to 24 months
24
to 5 years
35months
and younger
More than 5 years
70 to 90
53% 46%
8%
3%
2%
37%
13%
11%
47%
36 to 50
12%
56%
51 to 60
8%
8%
12%
7%
61%
61 to 69
0%
10%
20%
30%
5%
9% 2%4% 6%
53%
70 to 90
15%
8%
40%
50%
60%
3%2%
70%
9%
11%
18%
13%
80%
6 months or less
6 to 12 months
12 to 18 months
18 to 24 months
24 months to 5 years
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
10%
11%
90%
100%
One year
Two years
Three years
Four years
Five years
More than five years
Median
All Buyers
16%
19
14
7
20
24
4
35 and younger
20%
24
15
7
23
11
3
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
3%
13
13
*
10
62
6
70 to 90
*
12
18
18
18
35
5
All Buyers
35 and younger
61 to 69
70 to 90
13%
21%
17%
6%
2%
1%
Student Loans
Credit card debt
Car loan
Child care expenses
Health care costs
Other
Median Years Debt Delayed Home
Purchase Among Those Who Had
Difficulty Saving
51%
47
35
18
13
17
53%
35
31
14
10
17
31%
44
20
18
9
24
9%
36
17
6
13
46
5%
23
7
2
13
62
3%
19
6
*
11
71
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
Cut spending on luxury items or non-essential items
Cut spending on entertainment
Cut spending on clothes
Canceled vacation plans
Earned extra income through a second job
Sold a vehicle or decided not to purchase a vehicle
Other
Did not need to make any sacrifices
33%
25
20
15
8
7
3
54
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
35 and younger
47%
34
30
16
11
9
3
40
61 to 69
14%
10
8
7
2
3
2
78
70 to 90
11%
6
4
5
1
3
2
84
16%
36 to 50
0%
10%
20%
16%
43%
30%
40%
50%
60%
21%
70%
80%
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
16%
24%
43%
17%
21%
43%
21%
All Buyers
17%
45%
22%
15%
70 to 90
45%
21%
19%
61 to 69
61 to 69
19%
22%
43%
16%
22%
13%
51 to 60
70 to 90
15%
21%
43%
21%
90%
100%
All Buyers
9%
2010
35 and younger
6%
2010
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
8%
2009
70 to 90
9%
2009
25%
21%
28
22
13
16
$25,000
44%
21%
29
20
13
17
$25,000
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
70 to 90
28%
19%
28
25
13
15
$28,000
2%
63%
13
25
*
*
$12,200
11%
21%
22
25
13
19
$29,100
6%
27%
32
32
4
5
$20,000
100%
Fixed-rate mortgage
91%
91%
Fixed-then adjustable rate mortgage
90%
Adjustable-rate
mortgage
Don't know
80%
Other
61 to 69
92%
3%
87%
3%
*
1%
70 to 90
87%
5%
4%
3%
1%
* Less
70%than 1 percent
60%
50%
40%
30%
20%
10%
4%
2% 2% 1%
3%
1%
3%
1%
3% 2%
1% 1%
4% 3%
1% 1%
3% 3%
% 1%
5% 4%
3%
1%
%
All Buyers
Fixed-rate mortgage
35 and younger
36 to 50
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
61 to 69
Adjustable-rate mortgage
70 to 90
Don't know
Other
70%
Conventional
FHA
59%
VA
Don't60%
Know
Other
1
51 to 60
62%
22%
62%
12%
2%
2%
36 to 50
60%
22%
60% 12%
3%
3%
61 to 69
67%
14%
14%
3%
3%
70 to 90
67%
66%
5%
25%
2%
2%
66%
50%
40%
29%
30%
25%
23%
22%
22%
20%
12%
11%
10%
4% 3%
8%
5% 5%
14% 14%
12%
3% 3%
3% 3%
2% 2%
5%
2% 2%
0%
All Buyers
Conventional
35 and younger
36 to 50
FHA
51 to 60
VA
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
Don't Know
70 to 90
Other
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
82%
43
27
12
6
12
51 to 60
78%
40
25
13
8
15
61 to 69
78%
40
28
10
7
16
70 to 90
68%
41
19
8
11
21
Seventy percent of all sellers sold their home in the same state as the home they
recently purchased. For sellers 35 years and younger, 79 percent purchased in the same
state compared to 57 percent of sellers 61 to 69 years.
HOME SOLD VS. HOME PURCHASED
Exhibits 6-9 through 6-14
Half of the homes sold (49 percent) were located in the suburbs or a subdivision. Fifty-six
percent of sellers 36 to 50 years sold in suburbs or a subdivision compared to only 41
percent of sellers 70 years or older. Eighty- two percent of all homes sold were
detached single-family homes. Sellers 35 years and younger were the largest group to
sell townhomes at 10 percent and apartments or condos at eight percent.
For all sellers, the median size of the home sold was 2,000 square feet and they traded
down to purchase a home that was 1,900 square feet. Buyers 50 and under tended to
trade up and purchase a home that 600 square feet more than what they sold. Buyers
over 51 year tended to trade down by 100-200 square feet. For all sellers of all ages,
they bought and sold a home with a median of three bedrooms and two bathrooms.
For all sellers, the median price of the home sold was $240,000 and they traded down to
a home that was $220,000 with a difference of $20,000. Older sellers above 61 years
tended to trade down and purchase less expensive homes; whereas sellers under 60
years bought more expensive homes.
For all sellers, the most commonly cited reason for selling their home was that it was too
small (16 percent), followed by a job relocation (14 percent), and the desire to move
closer to friends and family (13 percent). For sellers 35 and under, they cited that the
home was too small (31 percent), which was higher than any other age group. For
sellers 70 years and over, they cited they wanted to be closer to friends and family (33
percent). Sellers 36 to 50 years were split between selling a home that was too small (25
percent) and selling for a job relocation (26 percent).
SELLER STALLED HOME SALE AND TENURE IN HOME
Exhibits 6-15 and 6-16
Fourteen percent of recent sellers stalled or delayed their home sale because their
home was worth less than their mortgage, down from 17 percent in the year prior.
Nineteen percent of sellers 36 to 50 years were stalled compared to seventeen percent
of sellers 70 years and over.
The median number of years a seller remained in their home was nine, down from 10
years in the past report. That number is still higher than reported in 2001 to 2008 reports
where the tenure in the home was only six years. Gen Y sellers stayed in their home for
five years compared to 15 years for Silent Generation sellers.
DISTANCE MOVED
Exhibits 6-17
The purchasing habits of sellers lead them to buy close to where they previously lived,
moving a median of 20 miles away. Sellers 60 years and younger typically moved only
15 miles away and sellers 61 to 69 moved the greatest distance of 75 miles.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
METHOD OF SALE
Exhibits 6-18
Eighty-nine percent of home sellers worked with a real estate agent to sell their home,
which is consistent across all age groups. For-Sale-By-Owner (FSBO) was low at eight
percent this year, which is the lowest recorded in this data set. FSBO sellers 35 years and
younger were only seven percent compared to ten percent of sellers 70 years and
over. The method of sale tends to differ in conjunction with the relationship between
the buyer and seller. If the buyer and seller know each other, the sale can be either an
arms-length transaction consistent with local market conditions or it may involve
considerations that would be not be relevant in the absence of a prior relationship.
SALES PRICE AND TIME ON THE MARKET
Exhibits 6-19 through 6-21
For recently sold homes, the final sales price was a median 98 percent of the final listing
price, which is also consistent across all age groups. For all sellers, time on market was a
median of four weeks, again consistent across all age groups.
Fifty-seven percent of all sellers did not reduce their asking price, whereas 22 percent
reduce once and 12 percent reduce the asking price twice. Sixty-six percent of sellers
35 years and younger did not reduce their asking price at all compared to 38 percent
of sellers over 70 years that reduced at least twice.
INCENTIVES TO PROSPECTIVE BUYERS
Exhibits 6-22
Thirty-seven percent of all sellers offered incentives to attract buyers. This varies across
age groups where it was the most common for sellers 70 years and over to offer
incentives and less likely for sellers under 35 years. Home warranty policies followed by
assistance with closing costs were the top two listed incentives when selling a home
across all age groups.
SATISFACTION WITH THE SALES PROCESS
Exhibit 6-23
Sixty-one percent of sellers were very satisfied with the selling process, up from 58
percent the year prior. Fifty-eight percent of sellers 50 years and under were very
satisfied with the selling process compared to 67 percent over the age of 70 years.
EQUITY BY TENURE
Exhibit 6-24
This year, home sellers cited that they sold their homes for a median of $40,000 more
than they purchased it, up from $30,100 the year prior. This accounts for a 23 percent
price gain up from 17 percent the year before. Generally, the longer a seller is in the
home the greater the increase attributable to price appreciation. Gen Y sellers gained
the least at $28,500 in equity compared to Silent Generation sellers that gained $64,000
in equity as they likely had lived in their homes for a longer period of time.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2015:
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Percent in
Category
19%
25
19
24
13
Median
Age in
Group
31
42
55
65
74
All Sellers
2%
4
5
6
6
8
8
10
18
12
7
4
11
$104,100
35 and younger
1%
3
5
4
5
9
11
10
25
11
10
2
6
$102,000
36 to 50
1%
*
2
3
5
4
7
11
20
14
8
10
16
$121,300
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
2%
3
3
6
6
4
7
10
16
11
8
5
18
$114,100
61 to 69
4%
5
7
8
7
10
9
9
13
15
5
2
7
$85,000
70 to 90
4%
11
12
8
10
11
7
10
14
5
3
1
6
$69,500
90%
All Sellers
82%
77%
12%
6%
4%
2%
Married couple
77%
80% female
Single
Single male
Unmarried couple
70%
Other
35 and85%
younger
82%
8%
4%
5%
1%
70 to 90
72%
16%
72% 6%
2%
3%
60%
50%
40%
30%
16%
20%
16%
16%
12%
10%
6%
8%
4%
2%
4% 5%
6%
1%
4% 5%
8%
7% 6%
2%
6%
2% 1%
2% 3%
0%
All Sellers
35 and younger
Married couple
36 to 50
Single female
51 to 60
Single male
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
Unmarried couple
Other
70 to 90
All Sellers
65%
13%
16%
6%
100%
None
One
90%
Two
Three or more
80%
35 and younger
36%
25%
29%
9%
98%
61 to 69
98%
2%
*
*
70 to 90
98%
2%
*
*
98%
70%
65%
60%
50%
29%
25%
30%
20%
38%
36%
40%
23%
21%
18%
16%
13%
13%
6%
10%
9%
5%
1%
2%
% %
2%
% %
0%
All Sellers
35 and younger
36 to 50
None
One
51 to 60
Two
Three or more
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
All Sellers
White/Caucasian
91%
Hispanic/Latino
4
Asian/Pacific Islander
3
Black/African-American
2
Other
1
35 and younger
89%
6
4
1
1
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
96%
2
1
2
2
70 to 90
96%
1
1
1
1
100%
English
Other
90%
98%
All Sellers
98%
2%
98%
35 and younger
98%
2%
99%
61 to 69
99%
1%
99%
70 to 90
99%
1%
80%
70%
60%
50%
40%
30%
20%
10%
2%
4%
2%
1%
1%
1%
0%
All Sellers
35 and younger
36 to 50
English
51 to 60
Other
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
90%
First-time
seller
Repeat seller
80%
70%
All Sellers
37%
63%
35 and younger
79%
79%
21%
70 to 90
17%
83%
83%
63%
60%
53%
47%
50%
40%
61 to 69
19%
81%
81%
37%
30%
23%
21%
19%
20%
17%
10%
0%
All Sellers
35 and younger
36 to 50
First-time seller
51 to 60
Repeat seller
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
79%
80%
All Sellers
Same state 70%
70%
Same
13%
70% region
Other region
17%
61 to 69
57%
17%
26%
70 to 90
64%
18%
64%
19%
57%
60%
50%
40%
26%
30%
20%
17%
15%
13%
12%
17%
18% 19%
14% 14%
10%
9%
10%
0%
All Sellers
35 and younger
36 to 50
Same state
Same region
51 to 60
Other region
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
All Sellers
Suburb/Subdivision
Small town
Urban area/Central city
Rural area
Resort/Recreation area
49%
19
16
14
3
35 and younger
50%
16
22
11
1
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
44%
24
13
15
4
70 to 90
41%
21
11
20
7
All Sellers
35 and younger
61 to 69
70 to 90
82%
6
5
76%
10
8
85%
6
5
85%
5
3
83%
5
4
77%
5
8
2
6
3
4
1
4
1
6
1
7
1
10
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
2,000
1,600
2,000
2,200
2,100
2,100
1,900
2,200
2,600
2,100
2,000
1,900
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Difference
-100
600
600
-100
-100
-200
One bedroom
Two bedrooms
Three bedrooms or more
Median number of bedrooms
One full bathroom
Two full bathrooms
Three full bathrooms or more
Median number of full bathrooms
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
70 to 90
1%
17
83
3
13
59
29
2
All Buyers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
$240,000
$192,400
$243,300
$265,900
$259,900
$255,000
$220,000
$265,000
$312,000
$276,000
$220,000
$224,300
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
Difference
-$20,000
$72,600
$68,700
$10,100
-$39,900
-$30,700
61 to 69
5%
4
20
70 to 90
6%
2
33
10
10
9
7
10
14
3
*
11
10
4
1
12
11
13
5
7
9
10
21
7
6
15
11
6
5
2
11
1
6
4
5
14
2
12
1
2
*
8
2
*
7
2
*
9
4
*
10
2
*
7
3
*
6
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
100%
Yes, and lived in home
Yes, but rented home to others
and90%
lived elsewhere 87%
No, sold home when I wanted to
sell
80%
61 to 69
11%
88% 2%
70 to 90
6%
93%
1%
88%
93%
89%
70%
60%
50%
40%
30%
17%
20%
12%
12%
10%
2%
11%
10%
3%
6%
2%
1%
2%
1%
0%
All Sellers
Yes, and lived in home
35 and younger
36 to 50
51 to 60
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
All Sellers
1 year or less
2 to 3 years
4 to 5 years
6 to 7 years
8 to 10 years
11 to 15 years
16 to 20 years
21 years or more
Median
4%
10
13
14
15
19
9
16
9
35 and younger
4%
17
31
24
14
6
3
1
5
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
3%
7
5
14
12
20
12
26
13
70 to 90
6%
7
4
6
13
16
8
40
15
All Sellers
20
35 and younger
15
36 to 50
15
51 to 60
15
7561 to 69
75
70 to 90
35
70
60
50
40
35
30
20
20
15
15
15
10
0
All Sellers
35 and younger
36 to 50
51 to 60
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Sellers
89%
85
4
8
7
1
1
2
35 and younger
90%
89
1
7
7
*
*
1
36 to 50
90%
89
1
8
7
1
1
2
51 to 60
90%
89
1
8
7
1
1
2
61 to 69
89%
88
1
8
7
1
1
2
70 to 90
88%
87
1
10
9
1
*
2
All Sellers
9%
15
41
24
8
3
98%
35 and younger
8%
10
43
24
11
5
98%
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
11%
17
36
30
5
2
98%
70 to 90
10%
15
42
22
9
3
98%
36 to 50
5%
36
14
7
8
5
7
3
6
6
4
2
4
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
5%
36
11
6
8
3
7
5
7
5
4
3
4
61 to 69
6%
38
11
5
6
5
5
4
6
6
5
5
4
70 to 90
8%
34
11
7
4
6
6
5
7
3
5
3
4
57%
22
12
6
4
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
66%
20
7
5
2
52%
23
13
10
3
61 to 69
70 to 90
53%
25
12
5
6
58%
22
16
3
2
All Sellers
63%
21
16
7
4
1
3
35 and younger
65%
18
18
8
3
1
2
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
61%
23
20
5
5
1
2
51 to 60
61%
20
16
9
6
*
5
61 to 69
61%
27
12
8
3
1
3
70 to 90
71%
14
14
6
1
1
4
Very70%
Satisfied
Somewhat Satisfied
61%
Somewhat Dissatisfied
60%
Very Dissatisfied
61 to 69
67%
63%
23%
8%
6%
70 to 90
67%
25%
4%
3%
50%
40%
30%
30%
27%
28%
26%
25%
23%
20%
10%
8%
9%
8%
7%
8%
4%
0%
All Sellers
Very Satisfied
35 and younger
36 to 50
Somewhat Satisfied
51 to 60
Somewhat Dissatisfied
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
Very Dissatisfied
Dollar Value
Percent
All Sellers
$40,000
23%
35 and younger
$28,500
17%
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
$65,700
29%
70 to 90
$64,000
40%
Real estate agents provide a wide range of services and conduct the management of
most aspects of the home sale. Seventy-nine percent of sellers reported that their
agents provided the lions share of these services, which is the same as in the year prior.
Nine percent of sellers note that their agent only provided a limited set of services and
12 percent said their agent listed the home on a MLS but performed few other services.
All are consistent with last years report. For sellers 70 years and over, 87 percent of their
agents provided the broad range of services and management. For sellers 35 year and
younger, 16 percent only listed on the MLS and performed few additional services.
WHAT SELLERS MOST WANT AND LEVEL OF SERVICE
Exhibit 7-6 through 7-7
Sellers place high priority on the following five tasks: market the home to potential
buyers (21 percent), sell the home within a specific timeframe (21 percent), find a buyer
for home (17 percent), price the home competitively (16 percent), and help fix the
home to sell better (14 percent).
For Gen Y sellers, they prioritized the following: price home competitively (23 percent),
sell the home within a specific timeframe (22 percent), and market the home to
potential buyers (17 percent). Sellers 36 to 50 years also prioritized finding ways to fix up
their home to sell it for more (18 percent). For Baby Boomer sellers also valued finding a
buyer for their home (26 and 17 percent respectively).
The reputation of the real estate agent was by far the most important factor when
sellers selected an agent to sell their home (34 percent). Sellers also place value on the
agents trustworthiness and honesty (18 percent) and knowledge of the neighborhood
at (15 percent). Reputation was at the top of the list for sellers 51 to 60 years (42
percent) but not as important for sellers 61 to 69 years (28 percent), who valued that
the agent was a friend of family member (24 percent) more than other generations.
METHODS USED TO MARKET THE HOME
Exhibit 7-8
Real estate agents list homes on MLSs first and foremost (89 percent). They also display
yard signs (69 percent), list the home on their website (51 percent), host an open house
(51 percent), list on Realtor.com (50 percent), and list on their companys website (43
percent). Real estate agents also list homes on social media (12 percent), which is up
from nine percent from last year. This was consistent for all generations.
Listing on a real estate magazine website (19 percent) was important for sellers 61 to 69
years and listing in online classified ads (10 percent) was important for sellers over 70
years.
AGENTS PERFORMANCE AND COMPENSATION
Exhibit 7-9 through 7-11
The real estate agent most often initiated the discussion of compensation (46 percent),
which is consistent with the year before. The client initiated the discussion and the
agent negotiated 20 percent of the time, which was the same with the year prior at 21
percent. In 16 percent of cases, the client did not know that commissions and fees
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
could be negotiated. Sellers 35 years and younger were the most likely not to know that
commissions and fees could be negotiated (18 percent) and more likely to know they
could be negotiated but did not bring up the topic (14 percent). Sellers 70 years and
over brought up the topic of compensation but found their agents unable or unwilling
to negotiate (10 percent) more than other generations.
Client referrals and repeat business are the predominant sources of business for real
estate agents. Most sellers 84 percent said that they would definitely (67 percent)
or probably (17 percent) recommend their agent for future services. Younger Boomers
were the most likely to recommend their agent (86 percent) compared to Gen X sellers
(82 percent). The typical seller has recommended their agent once since selling their
home. Thirty-two percent of sellers recommended their agent three or more times since
selling their home. That number jumps to 37 percent for Older Boomer sellers.
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
51 to 60
61 to 69
70 to 90
42%
24
4
4
4
3
44%
26
6
3
4
1
44%
22
5
3
3
4
45%
24
4
4
2
2
43%
23
3
3
4
2
33%
24
2
9
6
4
3
1
3
2
7
1
3
1
1
1
1
3
1
1
1
1
*
1
1
*
*
1
1
*
1
3
2
5
1
2
*
9
*
6
*
6
*
11
*
12
*
7
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Sellers
72%
15
9
2
1
35 and younger
77%
16
5
2
1
36 to 50
68%
19
11
2
1
51 to 60
73%
15
7
3
2
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
76%
11
8
5
1
70 to 90
70%
18
10
1
*
Yes
No 60%
36 to 50
58%
58%
42%
51 to 60
55%
45%
61 to 69
34%
66%
55%
66%
70 to 90
44%
57%
57%
50% 50%
50%
45%
44%
42%
39%
40%
34%
30%
20%
10%
0%
All Sellers
35 and younger
36 to 50
Yes
51 to 60
No
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
91%
36 to 50
94%
94%
3%
3%
51 to 60
92%
92%
3%
5%
61 to 69
93%
93%
4%
4%
70 to 90
88%
5%
7%
88%
80%
70%
60%
50%
40%
30%
20%
10%
4% 4%
2%
5%
3% 3%
3%
5%
4% 4%
5%
0%
All Sellers
35 and younger
36 to 50
Yes
No
51 to 60
Don't know
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
70 to 90
7%
All Sellers
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
79%
72%
78%
81%
82%
87%
12
12
12
16
10
13
11
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
16%
22
13
19
51 to 60
24%
21
17
15
61 to 69
22%
17
26
12
70 to 90
29%
20
22
12
14
5
14
6
18
8
14
3
13
3
9
4
3
2
3
3
2
*
3
3
3
2
4
*
*
1
*
1
1
1
1
*
*
1
*
*
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
3
2
3
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
36 to 50
36%
18
14
16
3
4
4
51 to 60
42%
20
12
14
2
4
1
61 to 69
28%
14
24
14
4
5
3
70 to 90
38%
13
10
20
5
5
1
2
1
3
1
2
3
1
3
4
4
1
1
36 to 50
91%
70
54
56
56
43
51
14
12
10
6
10
5
51 to 60
88%
72
57
51
52
49
38
11
13
12
11
8
9
61 to 69
91%
67
53
50
52
46
38
17
10
11
12
12
19
70 to 90
86%
70
41
49
45
42
26
4
15
9
11
12
11
6
6
4
3
1
*
6
5
10
2
3
2
7
7
6
2
3
1
5
10
8
4
2
1
6
7
3
4
1
1
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
All Sellers
35 and younger
46%
44%
43%
20
17
61 to 69
70 to 90
49%
50%
45%
21
21
22
19
10
10
14
11
10
10
16
18
16
16
13
17
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
80%
Definitely
Probably
Probably
70% Not67%
Definitely Not
Don't Know/ Not Sure
36 to 50
64%
18%
9%
64%
7%
1%
51 to 60
73%
73%
14%
7%
6%
1%
61 to 69
69%
16%
6%
9%
1%
69%
70 to 90
72%
14%
8%
6%
%
72%
60%
50%
40%
30%
23%
20%
18%
17%
16%
14%
10%
9%
7% 8%
7% 7%
1%
7%
1%
7% 6%
1%
14%
9%
8%
6%
1%
1%
0%
All Sellers
Definitely
35 and younger
Probably
36 to 50
Probably Not
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
51 to 60
Definitely Not
61 to 69
Don't Know/ Not Sure
6%
70 to 90
None
One time
Two times
Three times
Four or more times
Times recommended
since buying (median)
2016 National Association of REALTORS Home Buyer and Seller Generational Trends
61 to 69
34%
12
17
20
17
70 to 90
50%
7
13
10
20
Methodology
In July 2015, NAR mailed out a 128-question survey using a random sample weighted to be
representative of sales on a geographic basis to 94,971 recent home buyers. The recent home
buyers had to have purchased a primary residence home between July of 2014 and June of
2015. A total of 6,406 responses were received from primary residence buyers. After
accounting for undeliverable questionnaires, the survey had an adjusted response rate of 6.7
percent.
Respondents had the option to fill out the survey via hard copy or online. The online survey was
available in English and Spanish.
Consumer names and addresses were obtained from Experian, a firm that maintains an
extensive database of recent home buyers derived from county records. Information about
sellers comes from those buyers who also sold a home.
All information in this Profile is characteristic of the 12-month period ending June 2015, with the
exception of income data, which are reported for 2014. In some sections comparisons are also
given for results obtained in previous surveys. Not all results are directly comparable due to
changes in questionnaire design and sample size. Some results are presented for the four U.S.
Census regions: Northeast, Midwest, South and West. The median is the primary statistical
measure used throughout this report. Due to rounding and omissions for space, percentage
distributions may not add to 100 percent.
The definitions of the generations used to distinguish home buyers and sellers were based on a
study published in the REALTOR Universitys Center for Real Estate Studies journal article titled,
Generational Trends in Homeownership: An Era of Renters? by Glenn E. Crellin. Additional
splitting of older baby boomer age groups and younger baby boomer age groups was
modeled on research from the Pew Research Center, Generations 2010.
Millennials/Gen Y/Gen Next:
Gen X:
Younger Boomers:
Older Boomers:
Silent Generation:
Year Born:
1980-1995
1965-1979
1955-1964
1946-1954
1925-1945
Age in 2015:
35 and younger
36 to 50
51 to 60
61 to 69
70 to 90
2016 National Association of REALTORS Home Buyer and Seller Generational Trends