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Anian Tunney Piedmont CA Real Estate Agent Broker Discusses the NAR Home Buyer and Seller Generational Trends Report

Anian Tunney Piedmont CA Real Estate Agent Broker Discusses the NAR Home Buyer and Seller Generational Trends Report

Anian Tunney Piedmont CA real estate agent broker discusses the NAR Home Buyer and Seller Generational Trends Report(1) released in July which shows that Millenials are the most optimistic about the real estate market.

Piedmont Oakland, CA July 10, 2013

Anian Tunney Piedmont CA real estate agent broker discusses the NAR Home Buyer and Seller Generational Trends Report(1) released in July which shows that Millenials are the most optimistic about the real estate market. Tunney observes that according to the National Association Report (NAR), Millennials are more confident than any other age group that their recent home purchase was a good financial investment. The study found that Generation X Americans, those born between 1965 and 1979, were the largest group of recent home purchasers, who comprised 31 percent of recent purchases. Millennials, sometimes called Generation Y, those born between 1980 and 2000, were second at 28 percent while 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. “Homeownership is an investment in your future, and is how many younger American families begin to accumulate wealth,” said Paul Bishop, NAR vice president of research. “The oldest of the Millennial generation are now entering the years in which people typically buy a first home, and despite the recent downturn, homeownership still matters to them. The sheer size of the Millennial generation, the largest in history after baby boomers, is expected to give a powerful boost to long-run housing demand, though in the short-term mortgage accessibility and student debt repayment remain challenges.” One of the homes listed for sale in Piedmont is 339 Sea View, listed for $2,995,000.

Tunney also notes the NAR study reports that older generations of home buyers would rather purchase more recently built homes, versus older homes. Millennials usually bought homes built in the mid-1980’s, nearly a decade older than the homes typically bought by the Silent Generation. Younger buyers prefer to stay closer to their previous residence, often staying within 10 miles, whereas older buyers tended to move farther away, typically more than 20 miles from their previous home. Younger buyers were more likely to buy in an urban or central city area than older buyers; 21 percent of Millennials bought a home in an urban location compared to only 13 percent of Older Boomer and Silent Generation buyers. The reason for buying a home also varies across the generations; younger buyers most often cited the desire to own a home of their own whereas older buyers wanted to be closer to family and friends. When it comes to factors influencing neighborhood choice, younger generations cited convenience to jobs, affordability of homes, and quality of the school district. Older generations placed higher importance on convenience to family and friends and healthcare facilities. When it comes to a home’s green features, younger buyers placed higher importance on commuting costs than older generations who placed higher importance on a home’s energy efficient features and living in an environmentally friendly community. A good example of the homes for sale in Piedmont is 72 Huntleigh Drive which is now in pending sale status.

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When it comes to selling, Tunney comments from the NAR report that the largest group of recent home sellers was from Generation X, comprising 30 percent of recent sales, followed by Younger Boomers (21 percent), Older Boomers (21 percent) and the Silent Generation (19 percent). Like buyers, older sellers tend to move greater distances, and are more likely than younger generations to move out of the state or region. While younger buyers typically moved to larger, higher priced homes, the data shows a clear trend of downsizing to smaller, less expensive homes among the Older Boomer and Silent Generations. Usually the older the seller, the longer the tenure in the home, while Millennials had been in their previous home for a median of five years, Gen X-ers stayed 8 years, Younger Boomers owned their home for 11 years, Older Boomers stayed for 13 years, and the Silent Generation kept their previous home for 15 years. The reasons for selling a home also varied among the generations. Younger buyers were more likely to move to accommodate job relocation or desired to upgrade to a larger home. In comparison, older buyers were often looking for a smaller home due to retirement and because upkeep was too difficult due to health or financial limitations, or to be closer to family or friends. Another good example of real estate for sale in Piedmont is 339 Sea View Avenue which is now in pending sale status.

About Anian Tunney Piedmont Oakland Real Estate

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Anian Tunney, agent broker with The Grubb Company, was the number one of all real estate agents in Piedmont CA in 2012 in the number of units sold and sales volume, according to East Bay Regional Data, Inc. Additionally, Tunney is always in the top two in yearly real estate sales for The Grubb Company Piedmont CA office. She is known for her knowledge, experience and networking in the Piedmont community; qualities which are invaluable in finding that special home for her clients.

Tunney has been with the Grubb Company for over 30 years. She is a fifth generation Piedmont resident, spending most of her life here, raising her family of four and active in community projects such as the Piedmont Beautification Foundation, and the East Bay Museum Auxiliary. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making it truly a family vocation. One of her clients called her the Realtor with the velvet hammer; she negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney@grubbco.com. Her website is aniantunney.com.

Contact Information
Anian Tunney
The Grubb Company Real Estate Brokers
Oakland, CA 94611
510-339-0400 ext 217
tunney@grubbco.com
aniantunney.com
aniantunney.com/blog

(1) http://www.realtor.org/news-releases/2013/07/nar-survey-of-generational-trends-shows-younger-buyers-more-optimistic


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