Which Generations are Buying Homes Around Cook County Suburbs?
If you are planning to sell your Cook County home soon, understanding what buyers are looking for in a home is a great way to gain insight on what features are best to market in your listing. The National Association of Realtors® has released its latest edition of the Home Buying and Selling Generational Trends Report. The demographic focus of this report is centered on generational groups and their home preferences, as well as how sellers have experienced the process.
Four major generational groups of home buyers were surveyed via the NAR’s Annual Profile of Home Buyers and Sellers for the data gathering aspect of the trend report, which has been an annual publication since 2013. Millennials, Gen-Xers, Baby Boomers and the Silent generation all have distinctive home buying preferences, some are similar to one another, while other criteria are more generationally focused.
Millennials born between 1980- 1998 are not only the largest home buying demographic, they are also in the prime stage of raising families as far as generations go. Of the home buyers surveyed, 36% were Millennials, of those buyers, 65% were first-time home buyers. This is a trend which is expected to continue.
Other key insights noted about this generation include the desire for a single-family home, within an established neighborhood where they can enjoy all aspects of their lifestyle including entertainment, community services and commuting options. Many home buyers in this age group are looking for homes in the suburbs, away from major metro areas, but close enough to still take advantage of employment opportunities.
Those born between 1965-1979, Gen-Xers are the most diverse group demographically speaking and are more likely to be on the search for a multi-generational home, where they can care for aging parents and raise kids as well. This age group made up 26% of those surveyed, the second largest category of home buyers.
Both Millennials and Gen-Xers are keen on energy efficient homes as well. Like Millennials, more Gen-Xers are looking to move to suburban areas.
Baby Boomers were split in the report by younger and older age ranges. Younger Boomers are similar to the Gen X generation in the search for multi-generational homes, while more older boomers are on the search for retirement living.
The Silent Generation, those born 1925-1945 are the smallest demographic at 6% of home buyers, but they are more likely to look for a condo or townhouse to buy than the other generations. 28% of these buyers opted for senior-centered housing as well.
So, what does all this mean to you as a home seller? Take a close look at your property and determine which groups it could most appeal to. Have you made eco-friendly updates? Are commuting options easy to access? Use these features to highlight your listing towards Millennials and Gen-Xers.
If your home has multiple levels, several bedrooms and bathrooms, or is a one-level open floor plan with plenty of rooms, these could be what attracts Gen-Xers and Boomers to your property. If you own a townhouse or a condo, check for area senior services and resources, noting these in your listing may be a great way to attract older buyers too.
Whatever home features you have, you want your listing to highlight the most attractive amenities to the greatest number of potential buyers; the more you can attract to your property, the quicker and better it will sell. When you’re ready to sell or buy a home, you want to work with a Realtor® who understands the market, including what buyers are looking for. You want to choose a Realtor® who has the resources to help you buy or sell with confidence. We’re ready to put our expertise to work for you. Learn more at our website, DriscollProperty.com, then contact the Driscoll Properties Team at 847-533-6786 to help you discover the home of your dreams.