Northeast Ohio
Real Estate
March 31, 2023
Happy Friday!
Hope you are doing well and had a great week!

Thank you for checking out this email. If you have any questions, please don't hesitate to reach out.

If you're anything like me, you were up late listening to Opening Day for the Guards. Happy MLB is back and I like our chances this year!
Listing of the Week

777 Cheriton Dr., Highland Heights

$339,900

Proud to present my newest listing! An immaculate family home located in one the most desirable neighborhoods in Highland Heights. This stunning property boasts a wide range of exceptional features, highlighted by beautiful in-ground pool, perfect for both entertaining and relaxing. Meticulously updated, the tasteful renovations include a magnificently renovated kitchen, a remodeled master bathroom with a beautiful soaking tub, a remarkable basement bathroom update, and much more. There are multiple spacious well light living areas on the first floor, including a dining room for friends or family to gather. Two bedrooms with ample closet space complete the first floor. Upstairs, in the private master suite, there are many updates in this private space tucked away from the rest of the home.

I'll be personally hosting open houses both Saturday and Sunday from 12PM-3PM.

Click here for the ---> Listing Link
What demographic is buying the most homes in 2023?

The share of baby boomers has surpassed millennials and now makes up the largest generation of home buyers, according to the latest market analysis. 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%, 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 generally have the upper hand in the homebuying market. 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. 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.

As the youngest generation of home buyers and sellers, it's encouraging to see Gen Z entering the market. 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). 

I love the fact that I work with all generations, be it first time buyers, retired sellers who are downsizing, investors seeking a rental portfolio, and everything in between. I'm a certified Seniors Real Estate Specialist, which means I am certified to work with clients over the age of 60. I love to work with that demographic, as well as younger first time buyers and seller, or anyone looking to achieve a goal in Northeast Ohio. If you have a real estate problem, I would love to assist in helping you find a tailored solution.
Pat Barmann
216.990.5719