NAR Study: Young Adults Eagerly Entering, Dominating Housing Market

First-time home buyers are swooning over housing. Millennials are comprising the largest share of buyers at 37%, shows the National Association of REALTORS®’ newly released 2021 Home Buyer and Seller Generational Trends report. The youngest buying generation–Gen Z—is also starting to emerge. The majority of millennials and Gen Z buyers are first-time home buyers and are increasingly relying on real estate professionals to navigate their homebuying debut in what has become a very competitive housing market during a pandemic. In particular, younger millennial buyers—ages 22 to 30—were the most likely to cite a real estate agent as a prime information source they used during their home search at 91%, according to NAR’s survey. “Buyers used all tools available to them—whether it be a mobile device, yard sign or an online video–but at some point, nearly all buyers turned to an experienced agent to assist with the transaction,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “This is especially true among younger millennial consumers as they are likely first-time buyers and need help navigating the market and all steps involved in the process.” Continue…https://magazine.realtor/daily-news/2021/03/16/nar-study-young-adults-eagerly-entering-dominating-housing-market