According to the 2015 National Association of Realtors Generational Trends Report, when beginning the home search process the first step is to begin looking for a home online. This is consistent across all Generations, from Millennials to Boomers.
More experienced home buyers, those over 50, tend to find a home faster, on average about 8 weeks, compared to 11 weeks for those under 50. Older buyers are more experienced, more likely to know exactly what they want and less likely to settle, and more likely to have more capital from the sale of a previous home compared to a first time buyer.
Of all the steps involved in the home purchase process, including obtaining a loan and understanding contracts, more than half of respondents identified finding the right home as the most difficult part. When surveyed, 53% of respondents stated that they wanted help from an agent with finding the right home, compared to 12% for negotiating terms and 11% for price negotiation.
In seeking out an agent to represent them, younger buyers tend to prefer honesty and trustworthiness, while older buyers tend to prefer agents that have strong knowledge of the neighborhood and property values.
When asked to list skills considered to be “very important” when selecting an agent to represent them, 97% listed honesty/integrity, 94% listed responsiveness, 93% listed knowledge of the real estate process, and 91% listed market knowledge as a very important skill.
Buyers from the younger generations are more likely to be involved in their first home purchase, and will want help understanding the process. Older home purchasers, who have likely been through the process once before and are also more inclined to move farther distances from their previous residence may be less familiar with their new neighborhood, and will need an expert to help them learn the finer points.
All buyers, regardless of age benefit from an agent who can point out the less obvious features and faults of a property, and work one who will work with the buyer to find the home that is right for them at the right price.
In the end, buyers and sellers want a comfortable and smooth real estate process. They want to know they are in good and capable hands, and that they will get the best deal possible, whether they are buying or selling. An honest, capable and trustworthy agent can deliver that.