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Buying a home? Your Age May Influence Your Decision!

October 12th, 2013 · No Comments · Mark Lomas and Kirsten Wolfe, The Real Estate Concierge, The Real Estate Scene

      Buying a home? Your age may influence your decision.  For younger buyers the most important factors in choosing a property are convienence to jobs, affordability, and quality of the local schools.   For older buyers what matter most is proximity to friends, family, and health care facilities.

A generation gap?

A recent survey by the National Association of Realtors found sharp differences in the choices between older and youger homebuyers that reflected different life situations and changing priorities.

Younger buyers chose older homes.  As the age of the buyer increases, the age of the home declines, with younger buyers tending to choose single family homes where older buyers opted for townhomes and condos.

Among homebuyers age 32 and younger, 79 percent are buying their first property, compared with 5 percent among buyers ages 67 to  87.  There are many reasons for purchasing a home, but younger buyers tend to want a home of their own, while older buyers want to downsize and be closer to family and friends.

Younger buyers don’t move far from their previous home, often staying within 10 miles.  Older buyers move longer distances, typically more than 20 miles from their previous residences.  And, as  buyers get older they are less willing to make compromises with their home purchase while younger buyers tend to make sacrifices on the price, size, and condition of their home purchase.

Understanding your prospective buyers thinking and motivation can help you customize your marketing plan for your property. We’re often asked, “How’s the market doing?” And, we’ve learned over time, that the real estate market re-invents itself almost everyday do to so many changing factors that affect the process. Just keeping up with all the internet innovartions that are changing the way we do real estate is only one component.  Stay tuned, more interesting insights ahead!

 

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