2015 MLS Chair Jonna Aluisi

Source: N.A.R.

The millennial generation represented the largest share of recent buyers, according to the 2015 National Association of REALTORS® Home Buyer and Seller Generational Trends study. The analysis evaluates the generational differences of recent home buyers and sellers, and it appears millennials are overcoming the economic and financial challenges young adults have braved since the recession.

What does this mean?

• An overwhelming majority of buyers search for homes online and then purchase their home through a real estate agent, with millennials using agents the most.

• For the second consecutive year, NAR's study found that the largest group of recent buyers was the millennial generation, those 34 and younger, who comprised 32 percent of all buyers (31 percent in 2013). 
  
  
• Generation X, ages 35-49, was closely behind with a 27 percent share. Millennial buyers represented more than double the amount of younger boomer (ages 50-59) and older boomer (60-68) buyers (at 31 percent).

• Lawrence Yun, NAR chief economist, says the survey highlights the untapped demand for homeownership that exists among young adults. "Over 80 percent of millennial and Gen X buyers consider their home purchase a good financial investment, and the desire to own a home of their own was the top reason given by millennials for their purchase," he said.

• Yun believes the share of millennial purchases would be higher if not for the numerous obstacles that have slowed their journey to homeownership. "Many millennials have endured underemployment and subpar wage growth, and rising rents and repaying student debt have made it very difficult to save for a down payment.

• The median age of millennial homebuyers was 29, their median income was $76,900 ($73,600 in 2013) and they typically bought a 1,720-square foot home costing $189,900 ($180,000 a year ago).

• When asked about the primary reason for purchasing a home, a desire to own a home of their own was highest among millennials at 39 percent. Younger boomers were the most likely to buy because of a job-related relocation or move, and a change in a family situation.

Read the full story
http://www.realtor.org/news-releases/2015/03/nar-generational-survey-millennials-lead-all-buyers-most-likely-to-use-real-estate-agent

In Addition ...

• Foreclosure inventory declined 33.2 percent and completed foreclosures declined 22.5 percent from January 2014, according to CoreLogic's January 2015 National Foreclosure Report.

• There were 43,000 completed foreclosures nationwide in January 2015, down from 55,000 in January 2014, representing a 63 percent decrease from the peak of completed foreclosures in September 2010.

• Completed foreclosures have declined every month for the past 37 consecutive months. On a month-over-month basis, completed foreclosures were down 14.7 percent from the 37,000 reported in December 2014. 

New FAR REALTORS®

Lois Auld with London Properties

Mary Dorval with Harcourts Time Realty

Michaela Regan with Help-U-Sell Real Estate

Lana Avaloz with EXIT Realty Consultants

Rebecca Reyes with London Properties

Mario Rivera with Keller Williams Westland Realty

Brittany M Gong with Keller Williams Westland Realty

Juventina Gutierrez with Sergio Franco

Spencer J. Freeman with Keller Williams Westland Realty

Esperanza Venegas with Sergio Franco

Sandra Reta with Real Living Diamond Realtors

Vidal Fernandez with Guarantee Real Estate

Jeffrey Saylor with Jeffrey Saylor

Rachelle Dunne with London Properties

Tiffany Bean with Robert Boese

Tisha Turner with Century 21 M & M and Assoc

Jeanette Rodgers with Westco Equities Inc

Sylvia Baiz with Blue Ribbon Realty

Chelsea Truong with Big Realty

Stephen Bennett with Keller Williams Westland Realty

Marco Magana with Harcourts Time Realty

Shannon Brewington with Keller Williams Westland Realty

Leland Cobb with Davis Commercial RE Services

Kwame Thomas with All State Homes Fresno

Jessica Jackson with Keller Williams Westland Realty

Dean Van Patten with Keller Williams Westland Realty

Jeff Ward with Guarantee Real Estate

Barbara Gallagher with London Properties

Krista Starnes with Clovis Real Estate

Charlene Naveed with Guarantee Real Estate

Mayra Limon with The Advantage Group, New Home

Kelvin W. Low with Century 21 M & M and Assoc

Zachary Manock with Coldwell Banker Premier R. E.

Jennifer Hixson with Guarantee Real Estate

Joseph Forestiere with Guarantee Real Estate-Flex

John Yang with All State Homes Fresno

Cindy Bratt with Modern Broker

Sylvia Chase with Connect Realty.Com, Inc.

John Searls with Carrington Real Estate Service

Marina Garcia with Guarantee Real Estate

Rafael De La Mora with Mission Mortgage and Realty

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