How Buyers’ Age Affects the Sale of Your Home
National Association of Realtors (NAR) recently released a study stating that young buyers are taking over. The younger generations (Generation X and Millennials) are becoming increasingly significant parts of the housing market.
NAR found that the largest group of recent buyers was the Millennial generation, those 34 and younger, who composed 32 percent of all buyers. Generation X, ages 35-49, was closely behind at 29 percent. The younger Boomer (ages 50-59) and older Boomer (ages 60-68) buyers at 31 percent. The Silent Generation (ages 69-89) made up 10 percent of buyers.
What This Data Means to The Homeowner
Millennials have the buying power, so get your home turn-key as much as you can. This is the generation of instant gratification. Millennials are also young busy professionals who may have a young family, so this group tends to prefer a turn-key home with little to no maintenance.
Many Millennials prefer new home purchases to avoid renovations or problems with electrical or plumbing, and the ability to customize their home. Young buyers who bought previously owned homes purchased their home for a better price and overall value, as well as for the charm and character the home provided. If you have an older home, highlight the personality and character so that it stands out from the competition. Highlighting things like original hardwood floors, architectural details, original light fixtures, etc. can add charm and appeal to your home.
You should also do some research to figure out who your target buyers are. Better yet, partner with a knowledgeable Realtor to help you get top dollar for your property! A good Realtor will know who your target buyers will be.
Millennial buyers are looking for different features than Generation X buyers. Millennials are mostly young professionals, often single, so having a home that is easy to maintain will be a higher priority compared to Generation X buyers who have more experience with taking care of a home. This research will help you know how to invest your home improvement dollars to appeal to the largest target.