A recent article by Real Estate Economy Watch explains that home purchases are sagging for buyers in their 30?s. Individuals over 65 and under 25, however, are on the hunt to own. Both groups saw an increase in home ownership, while those in their forties and thirties (especially early thirties) have seen drastic decreases. By separating buying trend by age group, researchers have had a chance to highlight the differences between generations? preferences when purchasing a home. For real estate professionals, it means making sure that the amenities our clients seek are accounted for. For buyers, it means knowing what your list of priorities are and making sure that they?re suitable for your needs and desires now, but realizing that they may change in the near future.
When quizzing members of the Baby Boomer, Gen X, and Gen Y generations regarding their ?dream home,? researchers started noticing that the differences were noteworthy. Each generation had its preferences, but what studies showed is that amenity preferences change with age across the generational board. If a Gen Y?er were to list a whirlpool as a top-rated priority today, they may very well take a hint from their Gen X predecessors and value a state-of-the-art kitchen tomorrow, despite being reared in a very different decade.
GfK Roper Reports, a research company responsible for this particular real estate study, asked people to prioritize the amenities they would want to have in a dream home. The research was based entirely upon hypothetical ideals, not necessarily what the participant currently had or was planning on having in her next home. The answers were telling, and give buyers, sellers, and real estate professionals alike a glimpse into what age means for our sense of fun, family, and achievement.
Baby Boomers: Living the Good Life
The top five amenities sought by baby boomers were: State-of-the-art kitchens; large walk-in closets; whirlpool baths; fireplaces; and swimming pools. Kathy Sheehan, senior vice president of GfK Roper Reports, believes that this reflects their desire to make their empty nest an oasis that reflects sophisticated tastes and a desire to outwardly show a lifetime of success and accomplishment. ?It?s about the show,? Sheehan says. They want ?amenities such as a grand kitchen and places to display art. In a nutshell, the boomer home says, I?ve made it.?
Boomers should be careful not to overextend themselves financially in their quest to project an image and purchase a heftily-priced abode, though. Finding a home with state-of-the-art comforts can run a pretty penny, and it?s wise for homeowners who have neared, or reached, the age of retirement, to have an economic plan for the long haul before making major decisions. Boomers should also consider what they can upgrade in their current home that would make it more ?luxurious.? As long as these improvements don?t extend them beyond their means or price their home out of their neighborhood, it could be a good long term investment when they go to sell.
Generation X: All in the Family
Don?t let the title fool you?today?s Gen X?ers wouldn?t be caught dead in a kitchen like Edith and Archie Bunker?s. Now that they?ve reached child-rearing age, they?re tastes are mimicking their parents?, and it has everything to do with the kitchen. Their top five amenity choices are: State-of-the-art kitchen; large walk-in closets; fireplace; whirlpool bath; and swimming pool. With little ones running around, they?re asking for plenty of space in the cooking quarters, closets to keep everything organized (Gen X?ers are great accumulators of material goods), and a more approachable, casual feel to their living space. Formerly considered a ?slacker? generation, it?s interesting to see how their tastes for trend-forward aesthetics and a laid-back attitude have synthesized with the desire for convenience.
?They?re much more in tune to style and design, and know exactly what they want in a home ? and are less inclined to settle for less,? Sheehan says. So, what?s the danger here? Well, Gen X?ers are extremely picky and can expect their every need to be met under one roof. This makes looking for a ?dream home? particularly stressful for all involved, because perfection rarely exists within a reasonable price range. Gen X?ers need to remember what their very top priorities are when looking for a home, and then decide where they can compromise.
Generation Y: Welcome to the Funhouse
It?s not hard to believe that for a generation focused on friends, that entertainment is a priority. Their top five amenities were: whirlpool baths; swimming pools; game rooms; large walk-in closets; and fireplaces. Whereas the kitchen was the number one amenity for Boomers and Gen X?ers, Generation Y prefers to build social relationships than puree carrots for tykes over a Viking Range, or walk guests through a formal parlor to the rare book collection. ?This generation is emerging socially,? Sheehan says, ?and wants amenities that enhance that aspect of its life. So instead of a place to hunker down, Gen-Y homeowners might be more interested in the home as a social hub.?
Since those born after 1978 have been inundated with technological advancements, electronics will be of the utmost importance in the home. Large entertainment centers and gaming devices, as well as convenient touch screen-operated apparatus, will feature largely on their list of musts.
Gen Y?ers should be careful to not completely overlook the importance of a kitchen, garden, or porch/patio (three features that came in very low on their list of priorities). Eventually, everyone grows up and friends start families. Pretty soon, a ?party house? is only as full as the company that fills it. If that company has taken on the responsibilities of high-stress jobs, children, and home maintenance, a party headquarters becomes pretty empty. Gen Y?ers should keep in mind that though socialization is important today, there should be amenities present that will preclude the need to move once the music stops. Consider today?s needs as well as tomorrow?s before signing on the dotted line.
Source: http://darlajobkar.featuredblog.com/?p=78
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