Do You Know What Buyers Want?Posted on 04/17/17
If you search “homebuying trends,” you’ll find about a dozen articles rehashing similar information. Some use charts and graphs, others use bullet points. But the bottom line is this: the buyers’ market is shifting drastically in 2017.
Generational differences, and the associated financial and familial needs, dictate what buyers are in the market for.
According to a realtor.com study, Baby boomers are primarily interested in single family homes that offer privacy. Ages 53-71, these shoppers are in the market to downsize, and favor single story, ranch style homes.
On the other end of the spectrum, millennials are interested in community and stability more than privacy. With growing families and career demands, younger homebuyers opt for townhomes and row houses nearly as often as single family homes. Their priority is a large back yard, or nearby park or community area.
This younger demographic, age 25-34, is especially important because Inman.com reports that more than half (52%) of shoppers in 2017 are first-time homebuyers. They’re looking for properties that are a wise financial decision for the moment and the future. They’ve watched enough HGTV to recognize they want a good return on their starter home when it comes time to sell.
Of course, younger buyers face challenges to home ownership. They worry about not having an adequate down payment and being able to find a home within budget.
So what are they looking for? Well, fifty percent of all shoppers are interested in homes in the suburbs. Safe neighborhoods, community amenities, and proximity to good schools top buyers’ priority list. Following the suburbs, millennials prefer urban living. They’re looking for lively neighborhoods and proximity to great restaurants and shops.
With these things in mind, you’ll be better able to match buyers with exactly what they’re looking for and take advantage of the shifting market in 2017. To talk to a realtor who understands the specific market trends in Northwest Florida, call Kerry Veach.