A: When someone buys a home they aren’t just buying the house ? they are also buying a neighborhood. But what are potential homebuyers looking for?
According to the National Association of Realtors® 2016 Home Buyers and Sellers Generation Trends report, a buyers are age impacts the type of neighborhood they want to call home.
“The stage of life a person is in life heavily influences the type of location he or she wants to live in,” said Dave Duncan, President of the Snohomish County-Camano Association of Realtors®.
Millennial home buyers (35 years and younger). “For younger buyers, being close to work is the most important factor when choosing a neighborhood,” said Duncan. “Millennials want a short commute, even if it means living on a smaller lot.”
Gen X home buyers (ages 36 to 50). When Gen-Xers look for a neighborhood, they are the most likely to concentrate on school districts. “When children are in the picture they tend to become the driving force behind major decisions,” said Duncan.
Baby boomer home buyers (ages 51 to 69). “These buyers are nearing retirement and are looking for a neighborhood where they can see themselves spending their free time,” said Duncan. “They want to move to a community with lots to do within a short distance of travel.”
Silent generation home buyers (ages 70 and up). “Home buyers who are retired care about being close to family,” said Duncan. Fifty percent of the Silent Generation who participated in the survey said that convenience to friends and family was the factor most likely to influence where they want to live.
The Snohomish County-Camano Association of Realtors® is “the voice for real estate in Snohomish County.” If you have questions for The Expert about Real Estate email us at info@sccar.com.
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