Trends in the Colorado Real Estate MarketPosted on Mar 08, 2018
When selling a home in the hot Colorado real estate market, the first names of current homebuyers often tell a lot about home-buying trends. According to a recent report by ATTOM Data Solutions, the largest boost in home purchases in 2017 came from people with names popular in the early 1990s such as Dylan, Austin, Taylor, Alexandra and Chelsea. In other words, if you put your Castle Rock or Westminster home on the market, stage the home to appeal to millennial buyers. Members of the millennial generation in their mid-20s and 30s are buying more homes than ever.
Looking at generational trends
The ATTOM study examined several age groups and their home-buying patterns last year. The groups included the millennials born from 1980 to 1994, Generation X born from 1965 to 1979, Baby Boomers born from 1946 to 1964, the Silent generation or traditionalists born from 1925 to 1945 and the Greatest Generation born from 1910 to 1924. Homes bought by people named Dylan went up 41 percent. Some of the names of people less likely to buy homes included Kurt (down 16 percent), Stanley (down 17 percent) and Gerald (down 17 percent). People tended to name their children Jaime, Kristin, Stanley and Kurt between 1916 to 1976.
Holding onto their homes
When looking to buy a home in Colorado, expect significant competition. As more millennials get off the fence and make the decision to buy, they compete with their peers for the most desirable homes. Plus, there is the added dimension of low supply due to older residents staying put. Some innovative real estate agents help younger clients find older buyers willing to finally make the leap to sell and downsize. Experts involve in the research point out it was surprising that so many young people between 22 and 25 are buying homes. Expect very young buyers with a lot of parental support.
While there was an increase in millennial buyers, researchers point out that some traditional first names created the highest volume of home purchases. Top male and female names in terms of home-buying included Michael, John, David, Robert, James, Mary, Jennifer, Sarah, Jessica and Elizabeth. While there is no evidence that people with certain names are more likely to own a home in their lifetime, it's fun to speculate. At Team Lassen, we help people of any generation buy or sell their Colorado real estate. For more fun facts on real estate trends in Westminster, Castle Rock and the surrounding areas, please contact us.