By: Connie Ransom & Charlotte Mckenzie
If you’re looking to buy or sell a home, you’re most likely paying attention to what the market is doing. The statistics and percentages give you an idea as to what things look like on paper, but they don’t tell you about the emotional side of real estate. What are buyers and sellers really thinking? How are their emotions driving the decision making process?
The emotional impact on buyers’ and sellers’ decisions is always a factor in a transaction. For instance, millennial buyers (18-30 years old), will have different priorities than a baby boomer. According to a survey done by Realtor.com, millennial buyers are putting the needs of their pets first when buying a home. 79 percent of millennial homebuyers who closed on a property this year said they would pass on an otherwise perfect property if it did not meet their pet’s needs. They’re thinking about where the cat box is going to go, or if the yard is big enough.
Baby Boomer buyers, who are often also sellers, are more likely to be looking for a home that is going to work well for them as they age. These buyers are often downsizing and looking for less home or yard to care for. A single story home, or a home with a master suite on the first floor are going to be priorities for them. Also, bathrooms with wide doors and walk in showers are appealing. If they are selling a home, their offer is often contingent on the sale of their current home. This adds a whole new dimension to the transaction, we call it “the domino effect”. If one leg of the transaction falls apart, the entire chain falls.
Whether you are buying or selling, one factor remains the same; the importance of working with a full-time, local Realtor® who knows the market. When working with an agent, you’ll have a professional who is in touch with the local market and will be there for you every step of the way. Our expertise can help you find the perfect home, or help you craft the perfect marketing plan to sell your home.