Baby Boomers Overtake Millennials as Largest Generation of Home Buyers
The share of baby boomers has surpassed millennials and now makes up the largest generation of home buyers, according to the latest study from the National Association of Realtors®. The 2023 Home Buyers and Sellers Generational Trends report, which examines the similarities and differences of recent home buyers and sellers across generations, found that the combined share of younger boomer (58 to 67 years old) and older boomer buyers (68 to 76 years old) rose to 39% in 2022, up from 29% the year prior. Younger millennials (24 to 32 years old) and older millennials (33 to 42 years old) have been the top group of buyers since 2014, but they saw their combined share fall from 43% in 2021 to 28% last year. "Baby boomers have the upper hand in the homebuying market," said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research. "The majority of them are repeat buyers who have housing equity to propel them into their dream home – be it a place to enjoy retirement or a home near friends and family. They are living healthier and longer and making housing trades later in life." Twenty-six percent of all buyers were first-time buyers, the lowest since NAR began tracking the data and a decrease from 34% last year. Seventy percent of younger millennials and 46% of older millennials were first-time buyers. Behind these groups, only 21% of Generation X (43 to 57 years old) and 9% of younger boomers were first-time purchasers. Generation Z – ages 18 to 23 – now makes up 4% of home buyers, a slight increase from 2% in 2021. Nearly one in three Gen Z buyers – 30% – moved directly from a family member's home into homeownership. Finding a location convenient to friends and family was most important to this cohort of buyers. "As the youngest generation of home buyers and sellers, it's encouraging to see Gen Z entering the market," Lautz said. "Their desire for homeownership is strong, and many are relying on family support systems to help make their first real estate purchase." Generation X made up 24% of total buyers. They had the highest median household income of any generation ($114,300), followed by older millennials ($102,900). In addition to leading the way in home buying, baby boomers remained the largest home seller generation, jumping from 42% in 2021 to 52% in 2022. Among all generations, sellers typically remained in their home for 10 years before selling, up from nine years last year. On average, younger millennials stayed in their homes for four years, while older boomers sold their homes after 16 years. All generations agreed that the most common reason to sell was to be closer to friends and family. Older generations were also more likely to sell due to retirement, while younger generations cited the desire for a larger home and job relocation as top reasons to sell their home. On average, people are moving farther distances. Overall, buyers moved a median of 50 miles when relocating, the highest ever recorded and up significantly from 15 miles last year. Younger generations moved shorter distances, with younger and older millennials each typically moving 15 miles away. Younger boomers moved the furthest (90 miles), followed by older boomers (60 miles) and the silent generation (50 miles). Overall, buyers expected to live in their homes for 15 years, up from 12 years in 2021. For younger millennials, the expected duration was only 10 years, compared to 20 years for younger and older boomers. Surprisingly, Generation Z expected to remain in their newly purchased home for 19 years. Eighty-six percent of all buyers purchased their homes through a real estate agent. This number was highest among younger boomers (90%) and Generation X (88%). Buyers from all generations agreed about the top reasons for using an agent: they wanted help finding the right home to purchase (49%), negotiating the terms of sale (13%) and negotiating the price (11%). Younger (14%) and older (12%) millennials were most likely to want their agent to help with paperwork. Eighty-eight percent of all buyers reported that they view a home purchase as a good investment. Seventy-four percent of younger millennials and 77% of older millennials viewed a home as better than or about as good a financial investment as stocks. Seventy-six percent of buyers said that they would use their agent again or recommend their agent to others, a number that was consistent across all generations. "Owning a home is more than just a financial investment. It's a symbol of stability, independence and community that helps people build their lives and achieve their dreams," said NAR President Kenny Parcell, a Realtor® from Spanish Fork, Utah, and broker-owner of Equity Real Estate Utah. "Whether you're a first-time home buyer or an experienced investor, Realtors® have the expertise and knowledge needed to provide valuable advice and help you make informed decisions about your purchase."

Why Agents Need to Think More About the Consumer Experience
We know you're focused on generating the best outcome for your real estate transactions. You work hard to find buyer clients a home that fulfills their wants and needs, is in the right location, and is listed at the right price. You do your best to help seller leads create a compelling listing for their properties, select the right buyer, and negotiate on behalf of their best interests. You already know what you need to do to generate a successful closing — but it's not all about the destination. For your real estate clients, it's also about the journey. Why the Experience Your Clients Has Is So Important The process of buying or selling a home can draw up many emotions, and the escrow process isn't always common knowledge among consumers — especially first-timers. Buyers and sellers want to have a smooth real estate transaction experience, and they place their trust in agents to serve as their guides. Giving your clients a good experience is how you lock in a lifelong client and potentially access referrals. If someone enjoyed working with you, it's likely that they'll call you when they're ready for their next transaction. When someone they know is looking for a real estate agent, they'd recommend your services. This is one way to build up a strong reputation in your area and gain more market share. Pro Tip: Remember, past clients are like a hidden gold mine in your real estate database. They already know what it's like to work with you, so most of the work it takes to convert them is already done. If you want to reap the benefits of happy clients that keep on coming back and sending strong leads your way, make sure that you're providing excellent service and unbeatable transaction experiences. 4 Things to Do to Create Amazing Consumer Experiences Start improving your consumer experience today by adopting these four best practices. 1. Provide Digestible Information Not every buyer and seller is a real estate expert. As an agent, you can help your clients feel comfortable and confident with their transactions by providing them with easy-to-understand educational resources. Break down the information so that it's easy for them to digest without feeling overwhelmed. Help your clients understand why you're deploying specific strategies. Tell buyers why you suggest submitting an earnest money deposit if the market is particularly competitive. Help sellers understand how you're pricing their listing based on comparables and market conditions. Pro Tip: Going the extra mile to walk your clients through their transaction strategy will demonstrate your expertise and knowledge. You'll position yourself as an irreplaceable asset in their real estate transaction, helping you build a lifelong relationship with the people you work with. 2. Make Yourself Available Your clients want to have someone to reach out to when they have questions or need something. Making yourself available is one of the best ways that you can curate a pleasant experience for consumers. Get back to them when they message you. Call them back as quickly as you can. Contact them first to address unspoken concerns that you may have picked up on. Remember, buyers and sellers have a lot on the line. They don't want to be left in the dark or feel like they're being put on the back burner. Show them that they're a priority by being there for them when they need you. 3. Make Sure They Feel Heard Buying and selling a home can be an emotional process for many people, and clients want to work with an agent that understands and supports their needs. Above all, your clients want to feel heard. When they speak to you about something, actively listen. If they're voicing concerns, asking questions, or explaining their circumstances, take the time to listen to them and let them know that you understand. If you're unsure about anything, ask questions to learn more. Be fully engaged, and keep track of what clients tell you so you can reference it down the line. Once they've fully communicated what it is they had to tell you, provide them with actionable feedback. If they're having an issue, provide options for solutions with gentle recommendations. If they had a question, provide them with educational resources to help them learn about the topic. Provide customized solutions for their needs and do what you can to address their unique circumstances. 4. Provide a Seamless Technology Experience Your clients don't want to be burdened with any gaps or glitches. They want a smooth and streamlined transaction process that's optimized by best-in-class technology — not one that's weighed down by complicated digital processes. Today's consumers want Amazon speed and boutique service. Deploying the right technology solutions can help you foster a seamless technology-powered experience for your consumers. When building out your tech toolkit, think about how each tool will impact your customer experience. Prioritize software that is easy to use, mobile, and consumer-friendly. To view the original article, visit the BoomTown blog.

Revive Wins Two ADDY Awards for Its Innovative Real Estate Mobile App and Website
IRVINE, Calif. — March 22, 2023 — Revive, the most complete presale home renovation solution for sellers, is the winner of two prestigious ADDY Awards, the largest and most prestigious honor in the advertising industry. The company received a Silver ADDY for its Revive Real Estate Mobile App and a Bronze ADDY for its website from the American Advertising Federation of Orange County, an awards program known as the "toughest competition in advertising." The Revive mobile app will advance to the District awards competition and potentially, the national competition for the ADDY Awards. According to Chris Degenaars, AAF OC President, "The competition is unlike anything in the industry, representing all aspects of advertising." This year's ADDY winners included global brands such as Hyundai, Experian, Mazda, Yamaha, and Dell. Revive co-founder Dalip Jaggi said, "It's humbling to be in the winning category among some of the most well-known brands in the world and even more rewarding when you consider we are in one of the most creative communities in the world and most winning submissions were from top Ad Agencies." Jaggi was one of the lead developers on the Mobile App and website, working closely with Mansoor Bahramand, Head of Engineering at Revive. Bahramand said, "It's incredibly gratifying when you put your heart and soul into these efforts over the last year and a half and then being rewarded for being among the best of the best. Bringing new ideas to life and pushing the boundaries forward while keeping our relentless pursuit of making these easy and fun, something anyone can use, is a reward in and of itself. But being recognized by ad industry experts for our work? That's another level – my team is ecstatic." Jaggi added, "At Revive, we want to be known as a company that is recognized for harboring great talent, great products, and making raving fans out of our customers. That requires a certain degree of putting your head down and being diligent. This award is very affirming of those efforts." This year marks the 55th anniversary of the American Advertising Federation's establishment in Orange County. About Revive Revive Real Estate's mission is to guide home sellers through presale renovations without upfront costs. By providing access to Revive's network of top contractors, home sellers gain an average of $186,000 in additional profit when selling their homes. Revive homes sell for more and help sellers move ahead by maximizing their sales value. Revive is last year’s iOi Summit Pitch Battle winner. Learn more at www.revive.realestate.