Is your home search profile the real estate equivalent of mom jeans (those are back in style by the way)? Even if your must-haves don’t include features like a walk-in tub or a party-friendly neighborhood, it’s likely that your priorities in buying a home provide a clue to your season in life and your generation.
It makes sense, though, right? If you are just beginning your career, your priorities are different from what they will be when you’re juggling a small herd of children and their corresponding break-neck schedule of sports and music lessons. And they’ll change again when the kids are gone and you’re buying a home designed for a comfortable retirement.
These trends come out broadly across the market, with definite patterns emerging for different generations. Of course, every home purchase is unique, and yours won’t necessarily follow these trends, but here are some of the home-buying elements most often noted, detailed in the Zillow Group Consumer Housing Trends Report 2018:
A range of priorities: How each generation begins its home search tends to be different. For instance, millennials are more likely to initiate a home search on their own, with 92% launching a home search on their own.
For older buyers who are retired, the initial search looks different than that of their younger counterparts. Unimpeded by considerations like school districts or a commute, they can cast a wide net to determine the best place to live. They were also more likely to include different states in their search, with 37% moving to a different state.
Single-family homes preferred: By a wide margin, home buyers prefer to purchase a single-family home, with 72% of buyers closing on this type of house. When they’re not buying a single-family, detached home, each generation has its preferences.
For instance, millennials are most likely to buy a townhome, at 13%, while 15% of the older generation (74 and older) will buy a manufactured home and 13% will buy a condo.
Gen X is the most enthusiastic buyers of single-family homes, with 89% voicing their desire to own one, and 82% going on to do so.
Extra space: Both older and younger buyers want a spare bedroom, but they have different plans for them. For younger buyers, it’s often an attempt to create extra income through a renting opportunity while older buyers want a place for kids or grandkids to visit. 36% of millennials say it is important to earn rental income from their home, while only 9% of baby boomers and 3% of the silent generation share that view.
No matter what your reasons or preferences are in buying a home, Dani Beyer Real Estate is prepared to help you find a place that answers all your must-haves. Here is what one client said about their experience with our team:
We worked with Dani and her team to both buy and sell our home. They made the process so easy! They took the time to meet with us and listen to our needs. They gave us a step by step plan and they were very patient with us through the whole process. Anytime we had questions they were immediately answered and everything was always clearly explained. They even made the paperwork a breeze with convenient forms and quick turnaround time on everything. We sold our house quickly and were able to move into a new home that we absolutely love thanks to Dani and her team.
Ready to get started buying a home that’s just perfect for your current stage in life and for many years to come? Contact us at Dani Beyer Real Estate!