Home Sellers and the Selling Experience – PART 6 of 7
In our current series covering the “2015 Home Buyer and Seller Generational Trends Report”, the following data offers highlights regarding Home Sellers and the Selling Experience for the 12-month period ending June 2014:
- Among the generations, at 27%, Gen X was the largest group who were recent home sellers. Following closely, Older Boomers ranked at 23% with the Younger Boomers finishing at 20%.
- Gen Y was the largest share of married couples among sellers. Baby Boomers had the lowest share of married couples among sellers. Conversely, Older Boomers had the highest share of single female sellers.
- 75% of Gen Y sellers were first-time sellers compared to just 8% of first-time sellers in Older Boomers and 11% of the Silent Generation.
- Older buyers tended to move farther distances, frequently relocating to another state, unlike younger buyers.
- Gen Y and X showed a clear trend of moving to larger, higher priced homes. Younger Boomers tended to move laterally while Older Boomers and the Silent Generation downsized in both square footage and price.
- The reasons for selling a home varied. Younger buyers tended to upgrade to larger homes or relocated due to employment. In comparison, older buyers typically chose smaller homes closer to friends and family members.
- 16% of sellers stalled or waited to put a home on the market due to negative-equity. This was most common among Gen X, at 23% of sellers. Among the Gen Y and Younger Boomer sellers, this occurred among 17% of sellers.
- Gen Y typically owned their home for 5 years while Older Boomers and the Silent Genration owned their homes for 13 years before selling.
Having a clear picture of who makes up each of the generations within this report is important. As a follow-up to our previous 5 parts of this series, The National Association of REALTORS (NAR) annually conducts studies in order to compile and complete their yearly Home Buyer and Seller Generational Trends Reports and uses the following generational definitions to identify each group:
Millennials/Generation Y: Born 1980-2000
Generation X: Born 1965-1979
Younger Baby Boomers: Born 1955-1964
Older Baby Boomers: Born 1946-1954
Silent Generation: Born 1925-1945
We hope you found this 6th post of our 7 part series informative and interesting… Watch for our next BLOG POST on June 18th, highlighting Home Selling and Real Estate Professionals, which will complete our series compiled from the National Association of REALTORS “2015 Home Buyer and Seller Generational Trends Report”. To learn more about Tampa Bay area homes for sale in Spring Hill and Brooksville, located in Hernando County, Florida, visit us @ www.GailSellsFloridaHomes.com
Until then… it’s all about YOU!