September

59% plan to buy before age 30

Generation Z (those born after 1995) is not expected to enter the housing market for another five to 10 years.1 However‚ it’s apparent this demographic already has its eye on homeownership.2 Take a look:

  • This generation’s eagerness to buy surpasses that of preceding generations at the same age. More than half of those 18–23 say they are already saving for a home while 59% plan to buy before 30.
  • Roughly 14 million Generation Z members 18 and older are using credit‚ including some who already have mortgages.
  • Though the group still only represents 0.5% of current mortgages‚ the number of home loans is on the rise – up 112% over the last year.

As Generation Z continues to age – and spend – I hope to keep you updated on their preferences.

1Greg Sandler‚ “Beyond Millennials: Generation Z buyers are poised to upend the housing market‚” Realtor.com‚ last updated June 14‚ 2018.
2“Gen Z: They’re not too young to buy a home‚” REALTOR®Magazine‚ last updated August 16‚ 2019.

September

Tips from a body language expert

When you are immersed in the world of real estate‚ face-to-face interaction with customers and partners consumes a significant portion of your day. Being able to interpret – and demonstrate – proper body language is a useful skill.

At the recent National Association of REALTORS® Leadership Summit‚ body language expert Janine Driver provided physical prompts to keep an eye on1:

  • Crossed arms. Some may assume this position gives off a negative vibe. However‚ it means someone has both sides of their brain engaged. Said Driver: “You are 30% more likely to solve a difficult task or problem with crossed arms.”
  • Hidden lips. People tend to make their lips disappear when they are not pleased with what they are hearing.
  • The “navel rule.” Driver spoke of how people directly face those they like‚ admire‚ and trust.

As always‚ it is a pleasure staying in touch.

1Lauren Tussey, “How body language gives you nonverbal answers‚” REALTOR®Magazine‚ last updated August 13‚ 2019.

September

Northeast comes in at #1

Thinking about a home search is one thing – actively looking is another. Here in the Northeast region‚ the number of buyers deep into their house hunts is quite high.1 Take a look:

  • Forty-seven percent of buyers in the Northeast are already immersed in their search. That tops the West (43%)‚ South (39%)‚ and Midwest (39%).
  • Millennials and Baby Boomers (43% for both) are the age groups with the most buyers actively looking.
  • Nationally‚ 41% of buyers are actively looking – down from last year’s 50%.

The National Association of Home Builders’ full report can be found here. Please let me know if you have any questions.

1“Housing Trends Report‚ Quarter 2‚ 2019‚” National Association of Home Builders.

September

Is downsizing a thing of the past?

Don’t expect homeowners approaching retirement in the next decade to downsize. A survey by homebuilder Del Webb revealed the future plans for those ages 49–611:

  • Older Generation Xers and younger Baby Boomers in this range want to move to a house the same size or bigger than their current one.
  • One third of Generation X respondents said they would design their next home to accommodate aging parents.
  • Open floor plans are less favored: 34% desire more defined spaces‚ such as a dedicated dining room (preferred by 60% of Generation Xers and 48% of Boomers).

As always‚ my goal is to share information that is timely and relevant to your business.

1Barbara Ballinger‚ “Upcoming retirees aren’t looking to downsize‚” REALTOR® Magazine‚ last updated May 2‚ 2019.