Purchasing
- Your first home
- Your next home and move
- An investment property
- A vacation home
Refinancing
- To tap your home equity
- To save money
- To avoid rate increases
- To lower monthly payments
Home Equity
- Loans and lines of credit
- Finance major expenses
- Consolidate Debt
- Invest
Housing tastes depend on age
If you are looking to buy or sell a home, you may not realize what an impact age and generation have on the sale.
A new study of nationwide homeowners recently reported that the type of home that you are most likely to move into depends on what generation you were born into. The study looks at three generations of homebuyers and what they would like to have in their dream homes. The results provide some interesting data on what attracts these different people to the homes they buy, or would dream of buying.
The three generations are Baby Boomers, those born between 1946 to 1964, Generation-X from 1965 to 1978 and Generation-Y those born after 1978 to around 1995.
The MSN Real Estate article by Christopher Solomon, “‘Dream Homes’ vary by generation,” looks into the different housing tastes of these generations and gives some tips for sellers who want to target a specific generation.
“What's your dream house? A marble manse stuffed with art? A swinging pad where the stereo's always thumping and the hot tub's always bubbling? A clean, well-lighted place … that also has a Viking range and a Sub-Zero fridge?”
“Your answer says a lot about your values and attitudes -- and may have a lot to do with when you were born. So say the authors of a new study of 1,000 home owners nationwide. The market research company GfK Roper Reports asked Americans to prioritize the amenities they'd have in their dream home -- not necessarily amenities they already have, or will have in their next home. The different responses, from baby boomers through first-time generation-Y buyers, reflect how different features appeal to different ages and also how tastes have shifted over time.”
The survey showed that baby boomers most wanted a home to reflect their status and success. Generation-X was must focused on family related amenities, and generation-y was the most technology oriented.
“Although their responses varied greatly, there was some common consensus between the age groups. Perhaps most interesting to home owners renovating with an eye toward selling their home are the features the generations agreed were important. Walk-in closets made an appearance in the top three on all three generation's lists, for example. And those state-of-the art kitchens ranked No. 1 for both boomers and Gen X-ers -- and made a not-so-shabby appearance at No. 6 for the Gen-Y set. Other features cracking the top five for all three generations: Whirlpool baths, swimming pools and fireplaces.”
Real estate agents can now take this information to better market homes that are in areas predominant with certain age groups. Although this information can be useful, you must be very careful about any changes you make.
“You can harness all this info to make your home more attractive to homebuyers. But do proceed with caution: Just because you live in a neighborhood that's hot with the Gen-Y crowd doesn't mean you should run out and install a Jacuzzi, say real estate agents; a hot tub is a bad return on investment now and forever.”
“To gauge the type of buyer you're likely to attract, pay attention to your surroundings: Are you in a high-dollar district of Boca Raton, Fla., or some areas of Scottsdale, Ariz.? Chances are good you'll have a boomer buyer. Gen-Y buyers, meanwhile, often want to be closer to the social scene and public transportation in young cities like Denver -- or else out on the fringes where new homes are cheapest. You should know basic facts about your neighborhood, such as whether you're in a good school district and the general ages of people who've recently bought in the area. Contact a local real estate agent for help or use online tools, such as Sperling's Best Places.”