What are the most common changes in circumstances that send buyers out looking for homes for sale? What are the events that trigger typical prospects to comb through the Grand Forks area listings, contact Grand Forks Area Realtors®, set out on house tours—and ultimately make the offer that results in the move to a new home?
The answer to that question may be different for everyone, but some in-depth research has come up with interesting similarities among groups of active homebuyers. It matches a conclusion that also conforms with common sense: namely, that the motivating events (or “triggers”) sometimes vary by age group. In other words, when we humans reach similar milestones in life, we often make the same housing decisions—even though the reasons for a couple of them may be mysterious.
We came across the details buried in a report put out this past spring by economist Lawrence Guo in Realtor magazine. The top line of the piece—the part that got the most attention—dealt with the homeownership goals of active home shoppers. “Privacy” was the leading goal; “physical comfort” was second; “stability,” third. Of the styles of homes for sale, “ranch homes” were the most sought-after; the kitchen was considered the most important room, etc. None of these findings were at all mysterious or unexpected.
But when it came to revealing the impetus for a move in the first place—the life event or changed condition that set people checking out the current crop of homes for sale—a few could definitely be tied to the age group of the prospects. Since more than 20 triggering events were identified—each broken down into five different age groups—the resulting graphic was so complicated that most readers’ eyes probably glazed over before many conclusions could be drawn. Most of the findings were unremarkable—as when youngsters weren’t as likely as oldsters to cite “considering retirement” as a triggering event, or when some events were equally named by all age groups. But some were less predictable:
- Relocating to a new city: most common among 35-44 year-olds; least among those 55-64.
- Favorable home prices: most cited by 25-34 year-olds; least (fewer than half of that group) among 35-44 year-olds.
- Favorable interest rates: most pointed to by 45-54 year-olds; least among the 35-44 year-olds … and equally cited (about 1 in 10) by all the other age groups.
- Desire to live closer to family/friends: as expected, ‘way more prominently named by the 65+ group.
It doesn’t take a rocket scientist to ferret out why home prices are most important to the youngest group, but the greater importance of interest rates to the 45-54 group but not the 35-44s? That one will take some thought. Not a surprise is the across-the-board Number One triggering factor among every age group: “tired of current home”!
If you fit in with that extremely common group, right now there are extraordinary values to be had among today’s homes for sale in the Grand Forks area. Give us a call to lay out an itinerary for visits to the ones that match up with your own specific wish list requirements!