Home' Nonahood News : NONA 040116 Contents Are You Ready to Spring Into the Spring Market?
McDonald’s is now open at the corner of Norcoossee Road
and Boggy Creek Road. It is open 24 hours and features the
restaurant’s new concept, Create Your Taste.
14902 Narcoossee Road, 407.282.1137
Racetrac Gas Station is now open.
It is located at 12220 Narcoossee Road.
Dickey’s Barbecue Pit is planning to open April 7
at 9368 Narcoossee Road, #101. Call 407.922.2175 or
Edison Nation Medical, a national healthcare and medical
device commercialization business, will have a presence in
the new GuideWell UST Global Innovation Center.
Visit edisonnationalmedical.com for more information.
Walmart Supercenter will be first anchor tenant planned
in the Lake Nona Landing shopping center on Narcoossee
Road just south of SR 417.
Email us at email@example.com
Whether you’re a buyer or a seller, understand-
ing what characteristics of a home drive generational
buyers to purchase is key to success in 2016’s spring
housing market. But before we find out what drives
a purchase, we must understand what motivates the
buyer to purchase.
According to the 2015 National Association of Re-
altors Home Buyer and Seller Generational Trends
Report, all generational buyers use the web as the ve-
hicle of choice when it comes to searching for proper-
ties for sale. Fully 43% of all buyers report that their
first step taken during the home-buying process was
looking online for properties for sale, while 33% of all
buyers enlisted the help of a real estate agent to get
their search started.
All other avenues buyers used to start the search
for the home they ultimately purchased are in the
single digits, i.e., yard sign/open house sign, newspa-
per/magazine ad, home builder, or their real estate
agent, etc. A whopping 88% of all buyers report that
they used online websites to gather information dur-
ing their home search.
Millennials who on average are first-time buyers
look online for homes to purchase, and they are also
searching for information about the home-buying
process itself. Not only are today’s buyers gathering
information via the web, more than 50% of Millenni-
als and Gen X buyers use a mobile device during their
home search. 31% of Millennials found the home
they ultimately purchased by first viewing it via their
mobile device, while 26% of Gen X did the same. It is
my opinion that the essentials of any real estate list-
ing will include QR codes (2-dimensional barcodes)
or YouTube videos that give a potential buyer instant
access to the listing via their cell phone by way of vir-
tual tour or video.
Now let’s talk about what buyers want. Specifically,
what were the characteristics of the homes purchased
when classified by generational trend? 80% of Mil-
lennials and 85% of Gen Xers purchase detached sin-
gle-family homes, while an average 76% of the baby
boomers purchased detached single-family homes.
Median-sized homes for Millennials average 1,720
square feet, while Generation X expand to an average
of 2,100 square feet. Boomers find their comfort zone
on average in about 1,850 square feet.
Median bedroom count for all buyers is 3, while
the median number of full bathrooms for all gen-
erations is 2. It’s interesting to note that Generation
X buyers purchased homes with 3 full bathrooms or
more almost 2 times as often as Millennial buyers
did. Obviously, this trend is largely due to the number
of adults and children living in the home.
The median year the home was built for all buyers
is 1993, but it is interesting to note that Millennials
are purchasing homes built on average in 1985. Gen-
eration X buyers and Baby Boomer groups are pur-
chasing newer homes built on average in 1994 and
When it comes to environmentally friendly fea-
tures considered very important, Boomers on aver-
age place more importance on heating and cooling
costs with an average of about 40%, while Millenni-
als and Generation X buyers place more importance
on commuting costs in this category. Other features
in this environmentally friendly category were en-
ergy-efficient appliances, environmentally friendly
community features, solar panels installed on home,
energy-efficient lighting, and landscape for energy
Lastly, let’s talk about for what characteristics of
homes purchased did the buyer compromise when ul-
timately purchasing the home. An average 23% of all
buyers compromised on the price of the home. Millen-
nials and Generation Xers compromised at the same
rate of 24%, while only 18% of the 60- to 68-year-old
Boomers compromised on price. Coming in second,
20% of the buyers compromised on the size. In this
group, Millennials compromised the most, while late
Baby Boomers compromised the least. It is interesting
to note that out of 10 characteristics of the home on
which the buyer compromised, Millennials were the
generational trend group willing to compromise on 9
of the 10 categories that included price of the home,
size of home, condition of home, distance from job, lot
size, style of home, distance from friends and family,
quality of neighborhood, quality of schools and dis-
tance from schools.
Whether you’re a buyer or a seller, it’s important
to understand the first steps taken that lead to the
search of the perfect home and what characteristics
lead to its purchase. Now that you know these facts,
you’re already a bit ahead of the 2016 spring market.
7 APRIL 2016
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