Even though the media loves to report all the doom and gloom about the housing market the fact is people are still buying and selling homes everyday. We are nowhere near a full recovery but ridiculously low mortgage rates and reasonable home prices are keeping the market moving. A recent article posted by RISMEDIA entitled, Young Home Buyers Will Lead Housing Market Recovery, describes how the next generation is approaching buying homes.
This demographic, Americans ages 31-45, expect different features out of their homes than the previous generations. For example, “Seventy percent said that they were willing to pay $5,000 more for a green home, but those responding to the survey said that they expected new homes to already have many green technology features. They also said they would pay a premium for dark wood cabinets, a separate tub and shower and a fireplace in the living room, and more preferred a great room over formal spaces.”
What can we learn from this one paragraph? If you’re selling your home and have any of these features make sure your agent is highlighting them aggressively in marketing materials. If you’re thinking about updating your home and want to sell it in the future, add some of these features. For Portland in particular, it may mean a few more walls will be coming down in our historic homes to create a great room feel.
After you chuckle at the hokey picture that depicts a young couple and a formally suited agent, read the article in its entirety to get even more insight into the psyche of young home buyers.
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