MReport August 2019

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48 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA Are Millennials Prepared to Sell? From first-time buyers to first-time sellers, millennials are showing confidence and inexperience. A pproximately 76% of millennials feel confi- dent about how to sell a home, despite having little to no experience, according to a survey from While millennials report having confidence, the National Association of Realtors published a report that found that home sellers younger than 28-years old represented just 2% of the homes sold in 2018. The report also found that 76% of older millennials (ages 29-38) were selling a home for the first time. The survey was compiled in April 2019 and consisted of a sample of 1,000 homeowners. "In today's world, it's easy to build misplaced confidence due to the vast amount of information available online. While having many resources at our fingertips is certainly a good thing, it's im- portant to utilize them effectively and to realize which ones are trustworthy and unbiased. This is particularly true for millenni- als who are selling homes for the very first time," said Matt Woods, President of The survey found that 59% of consumers between the ages of 18-34 are planning to sell a home in the next three years, which is an increase from the 35% of people between the ages of 35-54 who are planning to sell a home. Millennials, while confident, are lacking the knowledge needed to sell a home, as 81% of millennials reportedly said having a credit score is important when selling a home, when that is necessary when buying a home.'s survey found that millennials were not the only ones needing additional informa- tion on buying or selling, as half of the respondents were unfamil- iar with any options for selling a home apart from a traditional real estate agent, or for sale by owner. The millennial generation was also drawn to technology and us- ing online resources more actively than any other age groups, as 60% of millennials check their home valuation online at least once a month. What do LGB Homebuyers Want? A recent profile of lesbian, gay, and bisexual buyers revealed some interesting findings. T he National Association of Realtors (NAR), for the first time, released its profile of Lesbian, Gay, and Bisexual (LGB) Buyers and Sellers, and found that bisexual individuals were the most likely to indicate they were first-time homebuyers at 58%. Lesbian and gay buyers fol- lowed at 36%, and 32% of het- erosexuals indicated they were first-time homebuyers. Bisexuals were also the youngest buyers with an average age of 36 years, but also had the lowest income of $62,400. Gay and lesbian buyers were the oldest at 45 years old, and hetero- sexuals reported an average age of 44 years with a median income of $91,200, which is similar to the $92,900 median income for lesbian and gay buyers. Bisexuals were also the most likely to identify themselves as first-time sellers at 50%, with both 36% of heterosexuals and lesbian/ gay identifying as first-time sellers. "The American Dream of homeownership traverses across the spectrum of our society—in- cluding sexual orientation—and Realtors always have and will continue to advocate so that any- one who wants to, and is capable of purchasing a home, is able to do so," said NAR President John Smaby, a second-generation Realtor from Edina, Minnesota and broker at Edina Realty. "Realtors have always embraced the significance of the protections secured by the Fair Housing Act, and have encouraged efforts to extend them by amending our Code of Ethics in 2009 to prohibit discriminations based on sexual orientation and gender identity." Eighty-six percent of bisexual buyers were most likely to pur- chase single-family homes, with lesbian/gay buyers the least likely at 79%. Heterosexual buyers were the most likely to buy multi-gen- erational dwellings at 13%. Lesbian/ gay buyers were most likely to live in an urban center at 28%. Freddie Mac reported in April that the LGBTQ homeowner- ship rate remains 16% below the national average, according to a report by the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP). According to this report, one of the most siginifcant barriers to homeownership for the LGBT renter is not unlike that faced by most homebuyers—saving up for a down payment. Seventy percent of LGBT individuals surveyed by Freddie Mac listed this as a top challenge, whereas 81% of NAGLREP members cited lack of funds for a down payment and waiting for the right time to buy as the top hurdles keeping this de- mographic from owning a home. "The American Dream of homeownership traverses across the spectrum of our society—including sexual orientation." —John Smaby, President, NAR

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