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Trends in Real Estate
October 9th, 2013 9:28 AM

It was recently reported that "Generation X" (those ages 33 to 47) made up the largest group of home buyers, at 31%, between July 2011 and July 2012.   "Generation Y" (those 32 and younger) made up the second largest group at 28%.  The younger baby boomers made up 18% and the older baby boomers only 14%.   This means that less seniors are currently buying than those younger than age 47.  Builders will most likely use this criteria to determine the types of communities that will be the most successful in future sales.

Housing inventory has been stubbornly low in the past year, but there are signs this is beginning to change.  The number of listings nationwide has increased by 4.3% as of June, 2013.  That's the highest monthly jump in a year, and rising home prices could persuade more sellers to get into the market in the coming months.

Consumers are becoming far more comfortable searching for real estate on mobile devices and are much more educated before actually looking at homes.   Real estate ad clicks on smartphones grew 10.7% in the first quarter of 2013.  This shows all the more importance of real estate listings being very detailed with as  many photos and complete information as possible. 

In some major metropolitan areas and cities, people are living large in smaller spaces.  So-called "micro-apartments," which are often less than 200 square feet, are becoming quite popular in the midst of cities.  This type of residence can be more affordable to those just out of college, or the younger tenant who earns less than $35,000 per year.  More apartment buildings are being constructed in many outlying cities, due to the demand in lower cost housing and this new trend may take off nationwide in the very near future. 

Real estate trends are continuously changing and it is sometimes difficult to keep up with the latest.   Staying in touch with a real estate agent is the best way to know the current local market conditions.

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Posted by Barbara Doeringer on October 9th, 2013 9:28 AMPost a Comment

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