When someone buys a home they aren’t just buying the house, they’re buying a neighborhood as well. But what exactly are potential homebuyers looking for in a new community?
According to the National Association of Realtors “2016 Home Buyers and Sellers Generation Trends” report, how old buyers are impacts the type of neighborhood that they want to call home.
The stage of life a person is in life heavily influences the type of location in which he or she wants to live and what is considered important. A young, childless couple is going to look in different neighborhoods compared with a family of four or a couple searching for their future retirement home.
There are features each generation considers important when choosing a potential neighborhood.
Millennials — 35 and younger
“For younger buyers, being close to work is the most important factor when choosing a neighborhood to live in,” said Debbie Gilson, president of the St. Lawrence County Board of Realtors. “Millennials want a short commute, even if it means living on a smaller lot.”
The price of the homes is also important. Specifically, millennials are looking for affordable homes. Fifty percent of millennials said that the overall affordability of homes was an important factor in choosing a neighborhood.
Gen X — 36 to 50 Years old
When Gen-Xers look for a neighborhood, they are most likely to concentrate on school districts. “When children are in the picture they tend to become the driving force behind major decisions,” according to Randy Raso, president of the Jefferson-Lewis Board of Realtors. “Thirty-four percent of Gen-Xers said that convenience to schools was the deciding factor when choosing a neighborhood.”
Young boomers — 51 to 60 Years old
Young boomers were the most likely to say that the look of a neighborhood was an important factor in deciding where to live. “These buyers aren’t looking for a starter home, they are looking for a dream home and with that comes a beautiful neighborhood,” Raso said.
Twenty-eight percent of young boomers said that neighborhood design was a significant factor in picking a place to live, more than any other generation.
Older boomers 61 to 69 years old
Twenty-four percent of older boomers say that they are looking for a neighborhood that is convenient to entertainment and leisure activities.
“These buyers tend to be considering retirement and are looking for a neighborhood where they can see themselves spending their extra free time,” Gilson said. “They want to move to a community with lots to do, and they do not want to have to go far to do it.”
Silent generation — 70 to 90 years old
Homebuyers who are either near or in retirement care are most concerned with being close to family. Fifty percent of the Silent Generation who participated in the survey said that convenience to friends and family was the factor most likely to influence where they want to live.
If you are interested in selling or buying a home, contact one of our local Realtors. You can find our members at jlbor.com and slcmls.com.
The Tri-County, New York, Women’s Council of Realtors Chapter held its second annual St. Lawrence County “Top Producer” event Sept. 20. It was sponsored by Community Bank, Elite Home Inspections, Fairport Mortgage, First Niagara, Gouverneur Savings & Loan, Key Bank and North Country Savings Bank. There were 37 St. Lawrence County Realtors honored. Awards were based on the number of units sold between Aug. 1, 2015, and July 31, 2016.
The chapter honored Lucille Kassian, Erin Meyer, and Jennifer Stevenson as the top three producers.
The rest of the Realtors, listed alphabetically, are: Gail Abplanalp, Sharon Alford, Christine Amo, Tracy Bernard, Penny Bogardus, Allison Chadwick, Nikki Coates, Patricia Collins, Philip Collins, Rick Cutway, Randy Durham, Sarah Franklin, Cathy Garlock, Matthew Garlock, Rowena General, Debbie Gilson, Karen Gurrola, Michael Hall, Janet Handschuh, Marcia Henry, Michael Kassian, Suzanne Liberty, Brittany Matott, Martha Morrison, Timothy Post, Brenda Powell, Doreen Radway, Margaret Sherman, Scarlett Slack, Lori Snyder, Vickie Staie, Nicholas Sterling, Scott Woods, and Cheryl Yelle.
LANCE M. EVANS is the executive officer of the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors. Contact him at email@example.com. His column appears monthly in NNY Business.