Characteristics of the typical home buyer and seller

by. Tina Powers

The National Association of REALTORS® just published a study of Home Buyer and Seller Generational Trends, and it’s worth taking a look. While some of the reported statistics are hardly surprising – like the fact that most home buyers under the age of 32 are buying their first home – there’s information in this report that should give food for thought to credit unions wanting to increase their purchase mortgage business:

  • The first step in the home-buying process among all generations is to look online at real estate that’s for sale. If your members could search for listings from the credit union’s website, wouldn’t it be easy for them to stay on that website and start the loan process?
  • While younger buyers tend to find their new homes online, those in the older category found theirs with the help of a real estate agent. Having a network of experienced, approved real estate agents familiar with your mortgage products means your members get advice from a knowledgeable source – one who isn’t as likely to send them to another lender.
  • 14 percent of buyers over the age of 48 purchased a home in senior-related housing for themselves or a family member. For buyers over the age of 67, more than 25 percent do so. Consider how you can reach this market. Offering financial seminars at local community centers might be worth considering.
  • When members sell their home to move to a retirement community, saving money on closing costs can mean extra dollars in their pockets at a time when they have to be careful with their spending.
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