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 X and Y Real Estate Factors
By: Darin "Sid" Cameron, CRS
Fri, Sep 8th, 2006 10:51 pm

If you're thinking about selling your home, you need to be thinking about who might be buying it.  This is so you can tweak your house before listing it so it gets lots of buyer attention and sells quickly.  And why you need to think about the target buyer is that different generations of home buyers behave differently and will demand different sets of home features.

There's a new term that's been recently coined called "Generation Nesters" and it's one you should probably be aware of.  This is the large segment of younger home buyers that are opting to both live and work at home.  Because they're literally at their home all day and night, they have very different demands from the classic buyer of 20 years ago who spent 8-10 hours a day outside of the home at an office.

(BTW, Nesters is not to be confused with Empty Nesters that are generally over 50 and are looking to downsize because their kids have left the home).

Nesters are a combination of Generation X (people born between 1965 and 1978) and Generation Y  (people born between 1979 and 1994).

Although the two different age groups might have slightly different tastes and habits, combined they comprise 40% of the US population but purchase 55% of all new homes ($300 billion annually).

But more important is that this is a growing segment of buyers.  Of renters in this age range, 46% intend to buy a home within the next two years. They're also a segment that is upsizing homes- with existing homeowners saying they expect to spend 10-35% more for their next house.

One of the trends with Nesters is they will buy a house cheaply, fix it up and then sell it so they can trade up. Unlike their parents that held on to a family home for 20 years or more, Nesters view their home as more of a business investment and move every few years.

Nesters also like to demonstrate their individuality.  Having grown up in cookie-cutter suburbs, they prize the opposite- homes with open space and movable modular walls they can be rearrange.  Because their at home all day, every day, they're more likely to demand higher end finishes (granite counters, name brand windows, etc) that used to only be reserved for luxury homes.

A lender of ours sent me an article that says 75% want vaulted ceilings on the first floor that are at least nine-feet high or more. There's even a trend in new construction to offering homes that are actually zoned for mixed uses with a living quarter and business under the same roof just on different levels.

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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