Sales gap: Realtors getting older, homebuyers younger

Younger consumers are changing many retail markets and real estate is no exception.

In the past few years, the age of first-time buyers has slid as home-buying affordability opened the market. The Profile of Home Buyers and Sellers revealed that the typical age of first-time buyers is now 30, down from 32 in 2006.

The typical National Association of Realtors member was age 52 in 1999. In 2011, NAR’s typical member was 56.

The Internet is playing a larger role in home buying. Younger buyers use the Internet more frequently in their home search process than older buyers – 95 percent of buyers under 44 used the Internet compared to 62 percent of buyers older than 65.

Younger buyers typically want a different type of home than an older, repeat buyer may want. Young buyers have shown they want smaller homes, and closer to urban area. In addition, younger buyers placed and a higher priority on proximity to entertainment.