What Type Of House Are Buyers Looking For?

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Typically, spring signals the housing market’s busiest season. But as potential home buyers ready themselves to hit the streets in search of their dream house, what type of house will they be looking for? According to the 2014 National Association of Realtors’ Home Buyer and Seller Generational Trends Report, it depends on their age group. For example, 80 percent of buyers under the age of 58 bought detached single-family homes, while those over 58 were more likely to buy townhouses or condos. Similarly, younger and older buyers differ on the age of the home they’ll buy. Baby boomers are most likely to buy a new home to avoid the renovations and upkeep associated with previously owned homes. On the other hand, younger buyers are more likely to buy an older home due to the fact that they are often lower priced and offer a better value. As we grow older the features and amenities we value change as well. For example, younger buyers are most concerned about their commute and how far from their job a house is. After having children, however, school district becomes a top priority. Older buyers, on the other hand, list distance from family and friends, shopping, and health facilities as most important. More  here.

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