Survey: Younger Buyers More Likely to Consider Buying a Foreclosure

Younger homebuyers are far more open to the idea of buying a foreclosure compared to older buyers, a National Association of Realtors’ (NAR) survey on buyer and seller trends revealed.

Overall, 44 percent of surveyed buyers said they did not consider a home in foreclosure. When broken down by age group, however, only 31 percent of Millennials (32 and younger) said they did not consider purchasing a home in foreclosure compared to 65 percent for buyers aged 67 to 87.

The share of buyers who did not consider a foreclosure increased with age, the NAR found. For example, among Generation X buyers (aged 33 to 47), 43 percent did not consider a foreclosure, while 53 percent of those aged 58 to 66 were in the same category.

For buyers who considered foreclosed homes, 29 percent said they decided not to buy one because they could not find the right home.

Another 16 percent didn’t buy a foreclosure because the home was in poor condition, while 15 percent said the process was too difficult or complex.

The survey also found younger buyers were more optimistic about their purchase compared to older age groups.

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By: Esther Cho, DSNews.com