Home Sellers: A Generational Homebuyer Guide
If you’re planning on selling your home, you’ll find that the more you know about the buyers you're more likely to end up dealing with, the better prepared you will be to strategize a marketing approach with your real estate agent. This generational guide is a good place to start. Obviously, there are exceptions and outliers to every demographic, but if you're not certain what you're heading into, this may help point you in the right direction.
Gen Y and Millennial Homebuyers
In 2017, these homebuyers were 19 to 37 years of age (mostly born between 1980 and 1998). They represent the largest group of recent homebuyers.
- Portion of recent homebuyers: 34 percent
Have children under the age of 18: 49 percent
Were first-time homebuyers: 66 percent
Had incomes between $65,000 and $125,000: 47 percent
- Is it likely that first-time homebuyers will look at homes in your home’s price range (given their income level)?
How many children live in your neighborhood and how are the local schools ranked (a kid-friendly culture may work for them)?
Are there amenities such as restaurants, bars and recreation close by (amenities, social lifestyle and culture are very important to this group)?
Gen X Homebuyers
In 2017, Gen X homebuyers were 38 to 52 years old, having been born in 1965 to 1979. These buyers were often caught mid-career by the last downturn in the economy and may be more conservative than other buyers.
- Portion of recent homebuyers: 28 percent
Have sold a home in distress: 14 percent
Couldn’t move earlier due to low value of existing home: 21 percent
Had incomes between $85,000 and $150,000: 41 percent
- Is your home in a strong neighborhood with good appreciation rates (these buyers have been burned before)?
Have you priced your home to sell quickly? Gen X buyers looking for a deal to safeguard their equity will want to know.
How turnkey is your listing (really)? Gen X buyers will likely be factoring this into what they can afford.
Younger Baby Boomers
In 2017, younger baby boomers were 53 to 62 years of age, having been born between 1955 and 1964.
- Portion of recent homebuyers: 16 percent
Bought a multi-generational home: 20 percent
Have income between $75,000 and $150,000: 42 percent
- Does your home have a separate mother-in-law suite or guest cottage? Younger baby boomers are part of the “sandwich” generation and often have parents or older children living with them and love to find multi-generational homes.
Along with older baby boomer homebuyers, baby boomers as a group are the second largest demographic bracket among recent homebuyers, so they’re a good target.
Older Baby Boomers
In 2017, older baby boomers were 63 to 71 years of age, having been born between 1946 and 1954.
- Portion of recent homebuyers: 14 percent
Purchased a senior housing option: 17 percent
Buy due to retirement: 19 percent
- Does your home appeal to baby boomers? Very often this can mean one-floor living with low maintenance.
Do you live in a location known to be favorable to retirees? Keep in mind that a solid food culture and award-worthy regional healthcare facilities will make your listing very favorable.
You know from buying your own property that homes don’t come in one-size-fits-all categories. To get the most profit from the sale of your home, it helps to think about the type of buyer who is most likely to be attracted to your home. You can then arrange your staging and everything written about your home to draw in buyers who will love your home at first sight! It's all about telling your home's story in a consistent and easy-to-consume message. Be sure to discuss this with your agent. They'll have lots of home marketing advice to share with you.