Millennials’ real estate decisions have been the subject of recent speculation—many in the real estate industry see the younger generation as viable purchasers. But while this generation of first-time homebuyers steps up, another real estate trend has risen—established, older homeowners.
A recent article by Alexis Leondis in The Seattle Times points to the age bracket that has helped spike homeownership. Older Americans closer to retirement age the article notes, have been the dominant residential owners, holding strong at a rate of 80 percent that surpasses younger Americans’ homeownership. The article cites a few reasons why so many homeowners are older, including greater financial means and the opportunity to have paid off more of their mortgages.
Leondis references a National Association of Realtors survey showing first-timers were responsible for only around 33 percent of 2014 housing sales. This trend sparks a discussion of how to meet experienced homebuyers’ needs, and what exactly they look for in a house and neighborhood.
Experienced homebuyers are different. They often have a better idea of what they are looking for—from room sizes to kitchen windows—and these homebuyers better understand the process, having already gone through it from listing to closing. While millennials might be the future focus, experienced homeowners have the means to purchase. A tip for real estate professionals: be well versed in both mortgage trends and listings before meeting with established homeowners more likely to know which questions to ask.
A few features that catch the attention of mature buyers, according to an Urban Land Institute professional cited by Leondis, are walkable areas close by amenities, and a diverse demographic that ranges from young to old. In other words, local flavor and a vibrant atmosphere. With so many neighborhoods boasting neighborhoods like this, especially in the Seattle area, it will be interesting to see how this homeowner statistic develops through 2015.
About Quadrant Homes
Quadrant Homes is a Washington homebuilder known for its Built Your Way philosophy. We build beautiful new homes in Seattle and new communities in surrounding cities including King’s Corner in Bothell, Sonata Hill in Auburn, Garrison Glen in Kent, Campus Willows in Lacey, Campus Fairways in Lacey, Sonterra in Lake Stevens, Wynstone East in Federal Way, Skagit Highlands in Mount Vernon, McCormick Meadows in Port Orchard, Vinland Pointe in Poulsbo, Highlands Ridge in Puyallup, Harbor Hill in Gig Harbor, Tehaleh in Bonney Lake, Beclan in Renton, Woodland in Woodinville and Chambers Ridge in Tacoma.