Age Makes A Difference in Your Home Choice
We all are probably aware that as you age, your needs and desires in a home likely will change. If you have children, for instance, once they grow up and move away, you probably will find yourself looking for a smaller home. Retiring often causes people to move to a new locale for health or weather reasons.
Beyond these instances, however, there are many other connections between what you buy to live in and why.
A recent survey by the National Association of Realtors found sharp differences in the choices made by younger and older homebuyers, reflecting different life situations and changing priorities.
Younger buyers choose older homes. As age of the buyer increases, the age of the home declines, with younger buyers tending to choose single-family homes and older buyers opting for townhouses and condos.
Among homebuyers age 32 and younger, 79 percent are buying their first property, compared with only 5 percent among buyers ages 67 to 87. The percentage drops reliably as homebuyers get older, until those age 88 and above. Then, curiously, the trend reverses course. Among the eldest senior citizens, 13 percent of homebuyers are finally ready to take the plunge.
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 also to be closer to family and friends.
Younger buyers don’t move far from their previous homes, often staying within 10 miles. Older buyers move longer distances, typically more than 20 miles from their previous residences.
Commuting costs are important to younger buyers. Older buyers place a higher importance on landscaping for energy conservation and environmentally friendly community features.
As buyers get older, they are less willing to make compromises with their home purchase. Younger buyers tend to make sacrifices on the price, size, and condition of the home purchased.
Older sellers are more likely to reduce the asking price for their home but are less likely to offer other incentives such as home-warranty policies or assistance with closing costs.
Younger sellers typically want their real estate professional to help sell their home within a specific time frame, while older sellers are more likely to want help marketing the home to potential buyers.
So, when you feel it's time to move, you have more reasons than ever to use a good Realtor to help. Call us and you tap into a combined 45 plus years of experience in Marin real estate. Even better, if you're one of the 'move away' retirees, call us anyway. From our long experience with transferees, we have developed numerous contacts with real estate agents across the country, and, in a few cases, overseas. Whatever the need, we can help.