Differing Generations Want Different Things in Homes for Sale in Oviedo

Real estate is doing well this year but is it supplying the needs of all generations. From Baby Boomers and Generation X to the Generation Y Millennials, there are potential buyers in every one of these groups. For the real estate market, it pays to know exactly what each one of these groups is searching for, which is what the National Association of Home Builders recently did.

National Association of Home Builders Examines Generational Buying Preferences

The National Association of Home Builders conducted a thorough study in 2015 looking closely at the buying preferences of the Baby Boomer generation compared to other potential home buyers, whether they were looking at homes for sale in Oviedo or elsewhere.

With a long history of tracking the evolution of home buyer preferences, the National Association Home Builders continues to search for how various designs influence the home purchasing decision. It could be the location, features, and size of the homes consumers want. For example, are modest Oviedo homes for sale perfect or does Orlando luxury homes better suit the market?

The survey also examined the influence of certain events and people on the decision to move to another home. All of this information is helpful for Oviedo real estate professionals wanting to successfully work in the homes for sale in Oviedo real estate market. Knowing which generational groups are the most active and what they are likely to buy is important.

Baby Boomers: These individuals were born after World War II when there was a temporarily marked increase in the birth rate, typically between the years of 1946 and 1964.

Generation X: People born during the early 1960s all the way through the early 1980s. Years often associated with this generation are 1961 until 1981.

Generation Y: Also known as the Millennials, this group is actually the largest of the three generations outlined and is the up and coming group of home buyers.

Although there is some overlap between these groups, individuals close to the beginning and ending of each of these generations could fall into either generational mindset when it comes to home buying.

What Home Buyers Want in Homes for Sale in Oviedo and Elsewhere

The National Association of Home Builders report provides the industry with an inside look at what these generations of home buyers are wanting and willing to invest in. The economic turnaround is affecting what each of these groups thinks about buying as they take fresh new looks at the real estate.

As individuals continue to prosper through this recovery, they are in a better position to purchase homes for sale in Oviedo, which is why it is important for realtors, home sellers, and builders to learn more about these generational differences and preferences of these potential customers.

What do buyers want?

Single Family Home (Detached): 65 percent of all buyers are dreaming of their own single family home, with Baby Boomers cited at 63 percent with this type of residence as their number one preference.

Single Story Home: 64 percent of home buyers would like to have a single-story home; however, there are definite differences in generations:

  • 75 percent of Baby Boomers want a single story
  • 49 percent of Gen X prefer single story
  • 35 percent of Millennials require a single story

Negotiables:

Living Room: The open concept phenomenon often blends kitchens into a great room that may be considered a family or living room. When it comes to not having a designated living room in a home:

  • 42 percent reported they would not buy a home that doesn’t have a living room
  • 37 percent of buyers say they would
  • 21 percent were unsure

Generationally, the share of buyers who were ok with losing this formal space included:

  • 43 percent of Millennials
  • 40 percent of Gen X
  • 37 percent of Baby Boomers

What buyers don’t want:

This survey also reported on some items buyers are not willing to pay for. These included:

  • Central City: Only 8 percent of buyers overall wanted to live in the center of a city.  67 percent prefer a home in the suburbs and about 25 percent prefer rural living.
  • Pay up for Environmentally Friendly: Buyers may like the idea of environmentally friendly homes, but only 14 percent of buyers overall are willing to pay for it.
Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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