Every client is different when it comes to what they are looking for in a home. Buyers are looking for their forever homes. They want a home that meets their needs in terms of upkeep, neighborhood, and square feet. Each generation has a preference, and your home may fit into that category. The National Association of Realtors put together the following list:
Characteristics of Homes Purchased
●80 percent of buyers who are aged 59 and younger bought a detached single-family home
buyers over the age of 59 to purchase townhouses and condos.
●Thirteen percent of buyers over the age of 49 purchased a home in senior-related housing for themselves or others.
●Buyers over the age of 69, a category in which nearly one-quarter of buyers purchased a home in senior-related housing.
●Gen Y and Gen X tend to stay close to their previous residence, often staying within 10 miles.
●Older Boomers tend to move the longest distance 30 miles and the Silent Generation tend to move 20 miles from their previous home.
●Younger buyers tend to buy older homes and are more likely to buy previously owned homes because the home is a better price and better overall value.
●Older Boomers and the Silent Generation are more likely than other generations to purchase a new home to avoid renovations or problems with plumbing or electricity and for the amenities in new home construction communities.
Contributing Factors for Purchasing a Home
●Gen Y places the highest preference compared to other generations on convenience to a job as well as affordability of homes.
●As buyers’ children reach school age, the quality of school districts and convenience to schools starts to have a larger importance—this is most often true for Gen X.
●Older Boomers and the Silent Generation place a higher priority on convenience to friends and family and convenience to health facilities.
●Younger buyers placed a high importance on commuting costs while older buyers placed higher importance on landscaping for energy conservation and energy efficient lighting.
●The older the home buyer, the fewer compromises the buyer tended to make with their home purchase—48 percent of the Silent Generation made no compromises on their home purchase. Younger buyers tended to make sacrifices on the price of the home, size of the home, and condition of the home purchased.
Clients are looking for a home that they can be in for ten years, or more. Pollock & Company connects sellers with buyers who are looking for the home of their dreams.