Karen has worked with every generation of homebuyers from first time home buyers to retiring boomers, as well as the groups of generational buyers in between. Buying a home at any stage in life comes with its own unique challenges, so it’s crucial to consider your future and factor finances into your decision. Karen would love to help guide you!
A Look at Real Estate through the Generations
Gen Z: The Up and Coming (Newest Buyers)
WHO:
Born after 1997—and the oldest “Zoomers” (24-25 years old)
WHERE THEY ARE:
Maybe just about to buy (or have just purchased) homes. Even though most members of Gen Z aren’t quite ready to tackle homeownership, this socially conscious and highly educated generation is setting goals for themselves when it comes to real estate.
According to a new survey by Homes.com, over 85% of Gen Z plans to buy a home before turning 35.
WHAT TO DO:
- Begin saving and paying off any debt.
- Start learning about the home-buying process.
- Feel free to reach out to Karen for advice and tips.
- Don’t stress if you are not ready to buy. It’s still early.
Millennials: The Market Trendsetters
WHO:
Typically defined as being born between 1981 and 1996 with its oldest members turning 40 this year.
FUN FACT: Comprise a whopping 37% of today’s total homebuyers.
WHERE THEY ARE:
After a front row seat to the 2008 market crash, a pandemic, and now record-low interest rates, they’re ready to buy. Some are also selling their first properties.
WHAT TO DO:
- Even if you don’t have a traditional 20% down payment saved up, you could take advantage of government backed loans or assistance programs.
- Determine exactly what you can afford and the get pre-approved.
- Find the right agent. Read reviews and ask questions.
Gen X: Making a Comeback
WHO ARE THEY:
Gen X—classified as anyone born between 1965 and 1979.
FUN FACT: The National Association of Realtors Gen X is the highest earning generation, and they tend to buy larger and more expensive homes to accommodate growing households. Makes up around a quarter of today’s total buyers.
WHERE ARE THEY:
Many are looking to upgrade and purchase a home at a higher price point than any other generation.
WHAT TO DO:
If you’re one of the many Gen Xers eager to upsize—perhaps even into a multigenerational home—you’ll want to take advantage of the equity you have in your current place.
Baby Boomers: Downsizing…and Investing!
WHO ARE THEY:
Baby Boomers born between 1946 and 1964
FUN FACT: Baby Boomer has stayed in the same home for around 15 years—and in that timeframe, home values have risen by 50% or far more depending on your area.
WHERE ARE THEY:
Retiring and downsizing.
WHAT TO DO:
- Examine the equity you have in your current property and be real with yourself on how small you can actually go.
- Consider using that leftover equity to purchase an investment property as an easy way to generate extra income.
Today’s Market: Something for Everyone
No matter where you are in the home-buying process, it pays to work with the right agent. Karen can help you achieve your buying and selling goals or answer any questions. There’s never been a better time to LOVE WHERE YOU LIVE!
For more tips and great advice, check out Karen’s Website. Contact Karen today and she will be glad to advise you on where our are in your real estate journey.
