The real estate market is hot for sellers right now, so who is buying?
Understanding who is in the market for a home can help you stage and sell quickly and for more money. So let’s take a look at who is buying.
That largest group of buyers are millennials buying up 34% of the homes last year!
Surprisingly only 15% of Millennials bought homes in urban areas and 57% of them bought in thesuburbs.Millennials are getting married and with the prospect of a family they opt for more space for the money leading them to the suburbs.Suburban areas are transforming to offer more amenities.With walkable districts featuring restaurants, shopping, and trails nearby these areas offer amenities for a more affordable price (think Winter Garden and Sanford for suburban with extras).
Boomer buyers made up 30% of the buying population.Of that group 22% of them bought homes in urban areas and 49% bought in the suburbs.As they downsize it makes sense for them to move to more urban areas with many activities.They also tend to have the ability to purchase more expensive areas which tend to be near the city center. (think Thornton Park and the Central Business District for active boomers looking for an urban lifestyle)
Gen Xers make up only 28% of the buyers last year.This is largely because they were hit hard during the great-recession and many were underwater and unable to sell their first home.However, they are the largest generation with kids at home and the biggest money makers; so they tend to move for school districts, extra space for their family, or to upgrade their home to something nicer. If you live in an area with A rated schools this may be your target buyer.(think Delaney Park or the Blankner/Boone district for urban buyers or Windermere for suburban buyers)
*this is my take on an article originally posted on Realtor.com. To read more about who and where people are buying click here.