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Generation Yers, Xers, Boomers and Over 65ers

By
Real Estate Agent with Russell & Jeffcoat Real Estate Corp.

I just read a National Association Of Realtors report that states  "55% of today's home buyers are Gen Xers" (between the ages of 27-43).

A quick check through my file cabinet of buyers I have worked with in the Columbia area over the past 18 months breaks down to:

  • Gen Yers      7%
  • Gen Xers     36
  • Boomers     43
  • Over 65      14

As a side note I find it is the Gen Xers that have the most credit issues.  The Boomers have equity built up in their current homes and the Over 65ers love to pay cash.  It's a linear progression.

Terry Edwards     www.FeaturedColumbiaHomes.com

      

Another Satisfied Couple             

 

Show All Comments
Carol Swain
Keller Williams Real Estate - Langhorne, PA
Realtor, -www.swainsells.com- Bucks County, Pa

Good Post.  And I have found that the Gen Xers seem to have the most credit problems too.

Nov 13, 2008 08:42 PM
Laurie C. Bailey-Gates
Robert Paul Properties - Barnstable, MA
ABR, SFR

Hi Terry,

It appears that alot of the people over 65 will be migrating your way - I live up North and nobody is going past Georgia these days for retirement.  All I hear is that the Carolina's are booming.  I think your stats for the last 18 months show the Baby Boomers are coming your way.

 

Laurie Bailey-Gates

Nov 13, 2008 09:17 PM
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

I heard that the next great wave of buyers are Gen Y and Gen X.  This is the computer savvy generation.  The boomers, and over 65ers don't have many more purchases left in their life span.  So between 2010 and 2020 when the next upswing in the market happens its going to be swinging to the younger groups rather than the boomers feeding this last swing.

Nov 13, 2008 09:25 PM
Terry Edwards
Russell & Jeffcoat Real Estate Corp. - Columbia, SC

Laurie and Morgan   I just looked at your profiles and you are both Gen Xers.  How do your buyers break down?

Not only are more people retiring here from the North, but we are seeing more of who we call half-backs....Retirees that moved to Florida but are now moving half way back home.

Terry in sunny SC

Nov 13, 2008 09:43 PM
Richard Shuman
The Only B.S. I Have is from the University of Massachusetts - Lake Mary, FL
Real Estate Broker - Orlando Area - Love Referrals

And we love the CASH BUYERS in Florida. The stats show that we need to start marketing to the "Y' since they won't have a home to sell and they probably haven't messed up their credit yet!

Nov 13, 2008 10:16 PM
Charlie Harden
Columbia, SC

Terry, those are interesting stats!  Thanks for sharing from one of the Boomers.  I wonder how lenders will get the younger generations purchase money.

Nov 16, 2008 11:48 PM
Team Honeycutt
Allen Tate - Concord, NC

Thanks for the break down.  It helps to market yourself to the ones that are doing the buying.

Shelton

Nov 17, 2008 12:44 AM
Terry Edwards
Russell & Jeffcoat Real Estate Corp. - Columbia, SC

Richard

I imagine you see a lot of cash deals in Florida.  People are always saying they sold a house in New England and they get twice the home here in Columbia for the same money.  Plus sunny skies and no snow.

Here it is Dec. 19 and we'll reach the upper 70s today.

Grab those golf clubs!

Dec 18, 2008 07:39 PM
Anonymous
AP

I haven't been tracking my clients or grouping them this way, but it seems like I should be just so that I can know where my business is coming from. Doing the break down might help me or us as realtors to know who to market to and which ones are buying.

I am a genXer and a lot of my clients identiy with me because of my age. They generally have 3.5% saved up, expect to roll in their closing costs and wallah. Instant home. Unfortunately, this same group doesn't save for the unexpected. I guess I am talking from experience. My husband was laid off the second day after we made our home purchase. How unexpected!

We're learning things the hard way, but fortunately, we're maintaining. I'm still selling and now, I've noticed that the market and mass media has weeded out some insincere buyers.

I do open houses and the clients that are coming are motivated to buy. Their young and eager to start  investing or buy that first home. I'm on the east coast and my typical price point is $199-$350k.

Good blog entry. I just found it months later and it made me think. Thanks for that.

http://www.BizIntros.com/Angie_Perez

 

Apr 11, 2009 01:00 AM
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