|source: NAR 2009 Profile of Home Buyers and Sellers|
- When purchasing their next home, younger home sellers tend to purchase larger homes.
- For example, sellers between 18 and 34 years old typically
purchased a home that was 660 square feet larger than their previous
- Older sellers move to a modestly smaller home, suggesting that they
are often considering many factors other than the size of a home when
moving. Moving closer to friends or family, for example, was the chief
reason for selling a home among those 65 or older.
- Age is also correlated with the price of the home purchased
relative to the price of the home sold. Younger sellers tend to
purchase a home that is significantly more expensive than older
sellers. In 2007, home sellers 34 years old or younger purchased a home
for a median of $253,600 and sold a home for a median of $177,000.