Every year, millions buy and sell property in California. But what are the reasons behind each of these purchases? According to the California Association of Realtors’ 2015 Housing Market Survey, there’s actually a pretty significant difference in how first time buyers look for homes as opposed to repeat buyers. Check out this helpful CAR infographic below:
It’s also important to examine the breakdown of who these first-time and repeat buyers actually are. In a 2015 NAR Home Buyer and Seller Generational Trends report, researchers found that millennials make up the largest percentage of home buyers (32% are age 34 or under), while only 10% of those age 69-89 purchased a home in 2015. In addition, the millennial age group also accounted for 68% of first-time home purchases in 2015.