As with every industry, it’s important to know and understand your target and niche markets.  When looking at the real estate target market, we find that the majority of home shoppers are Gen X-ers (at 31%), followed by Gen Y and Baby Boomer shoppers.  The technical statistics are as follows:

(percentage of recent home buyers)

Another interesting real estate market statistic is that 80 percent of buyers are 57 years old or younger.  The growth of technology and increasing technolgical abilities of the target market has made the most popular first step in home buying looking online for available properties.  However, using a real estate agent is still the best option, and second most popular, when looking to buy or sell a home.  Typically, younger buyers will implement an agent in their purchase comprehension and decision-making because of their lack of experience in the real estate industry, even with the help of online resources.  They are also more likely to continue to use that same real estate agent for future home purchases. But while these younger shoppers are more likely to implement their local agents (which is great to keep in mind if you are an agent looking for a clientele base), keep in mind that Gen X-ers are the biggest percentage in the buying market and need your attention too.  When delving into the seller’s market, it’s good to keep in mind both older and younger target markets and find out which is more practical to focus on for your business!

Article citation: (July 9, 2013).  Generational home buying trends.  Realtor Mag.  Retrieved July 29, 2013 from: http://realtormag.realtor.org/daily-news/2013/07/09/generational-home-buying-trends#.Ue8CFcHgpiA.gmail.

Picture citation: http://denverinfill.com/blog/2008/12/lessons-from-detroit.html