{"id":202,"date":"2017-01-10T15:43:37","date_gmt":"2017-01-10T15:43:37","guid":{"rendered":"http:\/\/www.bostonpropertyreports.com\/?p=202"},"modified":"2017-01-16T17:20:32","modified_gmt":"2017-01-16T17:20:32","slug":"a-guide-to-the-2017-buyer-young-boomers","status":"publish","type":"post","link":"http:\/\/www.bostonpropertyreports.com\/?p=202","title":{"rendered":"A guide to the 2017 buyer: Young Boomers"},"content":{"rendered":"

As we mentioned in the last entry in our \u201cA Guide to the 2017 Buyer\u201d series (which covered Generation X<\/a>, and before that Millennials<\/a>)\u00a0the question of \u201cWhat does this year\u2019s buyer look like?\u201d is particularly\u00a0pressing in 2017, and for one reason \u2013 the country will inaugurate a new president, one who\u00a0promises to govern\u00a0in a decidedly different manner\u00a0from his\u00a0predecessors;\u00a0that\u00a0could mean a decidedly different housing market.<\/p>\n

In this entry, we continue to draw from a recent realtor.com survey<\/a> and look at Young Boomers\u00a0(ages 45\u00a0to 54), who,\u00a0as our tables below illustrate, are seemingly divided into two camps: the measured buyer, and the hurried buyer.<\/p>\n

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Goals of Buying<\/h2>\n

The majority of buyers between the ages of 45 and 54 are simply looking for privacy; however, a fair amount are also still family focused, as was the case with all generations:<\/p>\n\n\n\n\n\n\n\n\n\n\n
Buying Goals<\/th>\nRatings\u00a0of Young Boomers<\/th>\n<\/tr>\n<\/thead>\n
Privacy<\/td>\n22.81<\/td>\n<\/tr>\n
Family<\/td>\n16.15<\/td>\n<\/tr>\n
Stability<\/td>\n14.97<\/td>\n<\/tr>\n
Financial investment<\/td>\n11.73<\/td>\n<\/tr>\n
Physical comforts<\/td>\n10.65<\/td>\n<\/tr>\n
<\/td>\n*Based on average\u00a0distributions of 100 rating points<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
\n

Motivations for Buying<\/h2>\n

The smattering of motivations Young Boomer buyers referenced in their survey responses are more evenly distributed than the other generations, although their reasons varied between urgent and casual. On the casual side of things, 25 percent were simply tired of their current home, and 17 percent were intrigued by low interest rates. Meanwhile, 34\u00a0percent cited either changes in family circumstances or a decrease in family size, which are more urgent reasons.<\/p>\n\n\n\n\n\n\n\n\n\n
Motivations for Buying<\/th>\nShare of Young Boomers<\/th>\n<\/tr>\n<\/thead>\n
Tired of current home<\/td>\n25%<\/td>\n<\/tr>\n
Change in family circumstances<\/td>\n19%<\/td>\n<\/tr>\n
Favorable interest rates<\/td>\n17%<\/td>\n<\/tr>\n
Considering retirement<\/td>\n16%<\/td>\n<\/tr>\n
Decrease in family size<\/td>\n15%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
\n

Time Frame for Purchases<\/h2>\n

If we accept that Young Boomers\u2019 motivations are split between the casual and the pressing, it makes sense that there was such a huge divergence between first two responses when it came to purchase timing. More than 40 percent want their purchase to happen within three months, while nearly 30 percent are fine with it nearing or even exceeding a year\u2019s time.<\/p>\n

\n\n\n\n\n\n\n\n\n\n
Time Frame for Purchases<\/th>\nShare of Young Boomers<\/th>\n<\/tr>\n<\/thead>\n
1-3 months<\/td>\n39%<\/td>\n<\/tr>\n
10-12 months<\/td>\n20%<\/td>\n<\/tr>\n
4-6 months<\/td>\n16%<\/td>\n<\/tr>\n
13-18 months<\/td>\n9%<\/td>\n<\/tr>\n
Within 1 month<\/td>\n4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
\n

Most Preferred Purchases<\/h2>\n

No generation cared more about construction quality than Young Boomers \u2013 Older Boomers cared the second most (10.6 rating points), while every other generation allotted an average of 9 points or lower.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
Most Preferred Purchases<\/th>\nRatings of Young Boomers<\/th>\n<\/tr>\n<\/thead>\n
Quality of construction<\/td>\n11.559<\/td>\n<\/tr>\n
Larger yard<\/td>\n11.086<\/td>\n<\/tr>\n
Safer neighborhood<\/td>\n9.407<\/td>\n<\/tr>\n
Energy efficiency<\/td>\n7.254<\/td>\n<\/tr>\n
Lower cost per square foot<\/td>\n6.948<\/td>\n<\/tr>\n
<\/td>\n*Based on average\u00a0distributions of 100 rating points<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
\n

Location Preference<\/h2>\n

Young Boomers were also unique in their disregard for the location of their new home, with 23 percent citing they had no preference. However, given that they\u2019re largely looking for big yards (11-point rating) and safe streets (9.4-point rating), it\u2019s likely many will end up in the suburbs.<\/p>\n<\/div>\n

\n\n\n\n\n\n\n\n\n\n\n
Location Preference<\/th>\nShare of Young Boomers<\/th>\n<\/tr>\n<\/thead>\n
No preference<\/td>\n23%<\/td>\n<\/tr>\n
Outlying suburbs<\/td>\n22%<\/td>\n<\/tr>\n
Suburbs (closer to urban core)<\/td>\n19%<\/td>\n<\/tr>\n
Rural area<\/td>\n18%<\/td>\n<\/tr>\n
Small town<\/td>\n14%<\/td>\n<\/tr>\n
Urban area<\/td>\n5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Property Type Preference<\/h2>\n

Like every other generation, Young Boomers remain committed to the detached single-family home.<\/p>\n<\/div>\n

\n\n\n\n\n\n\n\n\n\n
Property Type Preference<\/th>\nShare of Young Boomers<\/th>\n<\/tr>\n<\/thead>\n
Single-family home<\/td>\n63%<\/td>\n<\/tr>\n
Townhouse\/Rowhouse<\/td>\n20%<\/td>\n<\/tr>\n
Condo\/apartment<\/td>\n9%<\/td>\n<\/tr>\n
Mobile<\/td>\n4%<\/td>\n<\/tr>\n
Multifamily<\/td>\n4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Impediments to Purchase<\/h2>\n

For agents working with Young Boomers, there is a great opportunity to show value, as most (78\u00a0percent) see the biggest hindrance to their eventual purchase as either a current lack of information or inventory (i.e., just starting their search, can\u2019t find the right house or the right neighborhood). A savvy agent will see this as an opportunity to provide options with they seem to be exhausted.<\/p>\n

\n\n\n\n\n\n\n\n\n\n
Impediments to Purchase<\/th>\nShare of Young Boomers<\/th>\n<\/tr>\n<\/thead>\n
Just starting to explore<\/td>\n32%<\/td>\n<\/tr>\n
Haven\u2019t found a house that meets needs<\/td>\n28%<\/td>\n<\/tr>\n
Can\u2019t find home in budget<\/td>\n23%<\/td>\n<\/tr>\n
Bad credit score<\/td>\n19%<\/td>\n<\/tr>\n
Haven\u2019t decided on a neighborhood<\/td>\n18%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As we mentioned in the last entry in our \u201cA Guide to the 2017 Buyer\u201d series (which covered Generation X, and before that Millennials)\u00a0the question of \u201cWhat does this year\u2019s buyer look like?\u201d is particularly\u00a0pressing in 2017, and for one reason \u2013 the country will inaugurate a new president, one who\u00a0promises to govern\u00a0in a decidedly […]<\/p>\n","protected":false},"author":1,"featured_media":261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-reports"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8hgrY-3g","jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.bostonpropertyreports.com\/wp-content\/uploads\/2017\/01\/images-2.jpg?fit=287%2C175","_links":{"self":[{"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=\/wp\/v2\/posts\/202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=202"}],"version-history":[{"count":2,"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=\/wp\/v2\/posts\/202\/revisions"}],"predecessor-version":[{"id":230,"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=\/wp\/v2\/posts\/202\/revisions\/230"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=\/wp\/v2\/media\/261"}],"wp:attachment":[{"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=202"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.bostonpropertyreports.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}