Younger Home Buyers are More Optimistic

Young Home Buyers

Younger Home Buyers More Confident About Home Purchases

The inaugural 2013 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends was released today. This new report evaluated the generational differences of recent home buyers and sellers and found that while eight out of 10 recent buyers considered their home purchase a good financial investment, the number was even higher — 85 percent — for buyers under the age of 32.

Home Buyer & Seller Generational Trends Highlights

NAR found that the largest group of recent buyers was Generation X Americans, those born between 1965 and 1979, who comprised 31 percent of recent purchases, followed closely by Millennials, sometimes called Generation Y, born between 1980 and 2000, at 28 percent. Percentages of recent home purchases among prior generations was significantly lower, 18 percent were Younger Boomers, those born between 1955 and 1964; 14 percent were Older Boomers, Americans born between 1946 and 1954; and 10 percent were from the Silent Generation, those born between 1925 and 1945.

The Home Buying Process – Highlights from NAR Report

  • Among all generations of home buyers the first step in the home buying process is looking online for properties for sale.
  • Younger generations of buyers typically find the home they purchase through the internet, while older generations of buyers first found the home they purchased through their real estate agent.
  • As ages increases the home buyer is less likely to consider purchasing a home in foreclosure.The frequency of internet use in the home search process was directly related to age. Younger buyers not only more likely to use the internet during their search, they use the internet more frequently during their home search process.Older buyers are more likely than younger buyers to be more occasional users during their home search.
  • Home buyer satisfaction with the home buying process increases as age increases. This may be due to not only tightened inventory in lower price brackets, but also realistic expectations of older buyers who are often repeat buyers
 Visit Realtor.org to read the complete Home Buyer and Seller Generational Trends.

About Inlanta Mortgage

Our mission is to be the home financing partner that you trust to serve your family, friends and community.  Founded in 1993, Inlanta Mortgage is currently celebrating its 20 Year Anniversary. View the History of Inlanta Mortgage here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012. Inlanta Mortgage was also recently named one of the Fastest Growing Milwaukee Area Firms.

Housing Affordability at Record High

Current housing affordability conditions have never been seen before.

According to the National Association of Realtors, housing affordability conditions for all buyers reached a milestone in the first quarter of 2012. NAR’s composite quarterly Housing Affordability Index* rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; record keeping began in 1970.

“Conditions for first-time buyers who are able to get a mortgage have never been better,” NAR President Moe Veissi explained.

Home prices and interest rates are expected to rise as the year progresses – but housing affordability will remain favorable for median-income households looking to purchase a median-priced home.

First time homebuyers often take advantage of FHA mortgages loans that require as low as 3.5% down. Other eligible first time homebuyers choose to take advantage of the no down payment option available with VA mortgage loan programs.

Other loan programs available for first time homebuyers include USDA rural development loans or conventional mortgage loans. Contact a licensed mortgage loan professional to discuss which loan program best meets your financing needs.

*A composite index of 100 is defined as the point where a median-income family household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.