Generational Home Buying Trends In La Grange IL
If you are considering making a move into La Grange, Illinois, there’s an interesting study (if nothing else) to see how people and places come together from a generational aspect. It’s an annual study held by the National Association of Realtors®, in which they look at the trends of generations. Yes, there is a group of people known as the Millenials, looking for places to call home. They are those who are pushing into the workspace, purchasing homes, and believing in the American Dream (the now version).
What to do when it comes to Home Buying & Selling From a Generational Trend Standpoint
Whether you are amongst this group or not, let’s call the process what it is: confusing. At the beginning, the home buying process seems straight forward, and the more you dig in, the more confusing it can get.
- If you are a home seller, you wonder, who do I ask my Realtor® to target in their marketing? Who do we focus on?
- If you are a home buyer, you wonder, are they targeting me? Wait, what am I looking for in a house? Do I need a certain number of bedrooms or bathrooms? Is it more about space? Do I really meet the “quintessential” of my generation?
So much of the real estate industry is based on the ability for a home’s buyer to connect emotionally with the “feeling” they receive when they enter a house. As a seller, looking at your home, you may wonder why a buyer can’t see the walls, floors and accents that you painstakingly put into the structure and systems of your house.
Whether you realize it or not, due to a collection of law suits and good taste, real estate agents are only allowed to use certain criteria when marketing to you. They may only use certain words in their marketing to La Grange, IL. They may only describe a home in the most generically specific of terms. This is the very reason why you hear about “cozy” homes. To add a few more: “room to grow”, “close to __”, and “# bedrooms, # bathrooms”. Even if you find yourself working with Nancy Miller of Coldwell Banker Residential Brokerage in La Grange, IL, real estate is CHALLENGING. That’s why Nancy helps her clients cut to the chase, get to the point, and really focus on what they are looking for in a house. In short, Nancy Miller helps her clients find “home”.
To bring things back down to numbers, let’s look at the study mentioned earlier…
According to the National Association of Realtors®’ 2017 Home Buyer and Seller Generational Trends study:
- First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent. Sixty-six percent of buyers 36 years and younger were first-time buyers, followed by buyers 37 to 51 years at 26 percent.
- At 34 percent, buyers 36 years and younger continue to be the largest generational group of home buyers with a median of 31 years old. Home buyers between the ages of 37 and 51 were reported to have the highest household incomes among any other generation at $106,600, followed by buyers between 51 and 60 that had an income at $93,800 (down from $100,200).
- Sixty-six percent of recent buyers were married couples, 17 percent were single females, seven percent were single males, and eight percent were unmarried couples. The highest percentage of single female home buyers was found in the 62 to 70 age group.
- Thirty-eight percent of all buyers had children under the age of 18 living at home.
- Sixty-two percent of buyers between 37 and 51 years had at least one child under the age of 18 residing in the home.
Learn more about the generational trends, according to this great study.
Don’t feel like reading on? Contact Nancy Miller of Coldwell Banker in La Grange, IL, and let Nancy do the footwork for you.